While this is resurrected due to Endolith's retagging, I want to clarify the reason that Pin 2 connects to the shield of the jack, but only when there's no plug inserted. You can do one of three things to wire this correctly:
- Only connect to pin 1.
- Connect pins 1 and 2 together.
- Connect pin 1 to your circuit's ground node, and connect pin 2 to another power connector (Black binding post for a banana jack, or battery ground terminal, for example.) Then, you can connect pin 3 to a red binding post or battery positive terminal, and have 2 power supplies without worrying about output contention.
Method 3 is the reason that these plugs are designed the way they are.