Until the year 1825, no kind of savings-bank existed in Russia. The farmers and peasants, residing for the most part in remote and scattered habitations, were accustomed to keep their little store of money in common earthen-pots buried in the ground, whence it was not unfrequently stolen. It also often happened that, owing to the sudden illness or death of the owner, the place of concealment was unknown to any one; thus the savings were lost, and much family trouble and difficulty arose. In March 1825, a truly patriotic young merchant, Frederick Hagedom, junior, of Libau, in Courland, perceived the advantage of savings-banks in other countries of Europe, and the disadvantages of the system pursued by his poor countrymen. He resolved, therefore, to institute a savings-bank in Libau. The patronage of the governor-general was obtained, and one of the magistrates of the town appointed superintendent: Frederick Hagedom and two other gentlemen were chosen directors. The public of the town soon testified their approbation of the good work, by bringing in their silver rubles and copper kopecks at the appointed hours--namely, from five to seven every Saturday evening, and at two periods of the year daily--from the 1st to the 12th of June and December. The peasants, however, did not display the same alacrity and confidence as indeed was to be expected. Their kind benefactor perceiving this, wrote and circulated a short pamphlet in the Lettish language of the country, explaining the intention, object, and advantages of the new savings-bank. This convinced the ignorant country-people that their old way of keeping their money, even if safe, was not profitable. The pastors of the village churches also took occasion to speak to their people on the subject, being persuaded, like the benevolent founders of the savings-bank, that it was a plan which could not fail to improve the moral and religious character of the peasantry. These exertions did not fail to produce the desired effect. To accommodate the country-people who came from a distance, it was soon found advisable to open the savings-bank for their attendance daily from twelve to one--the Saturday evenings being reserved for the inhabitants of the town. All classes now became desirous of taking advantage of the savings-bank, and brought in silver rubles and kopecks, instead of keeping them hoarded and useless.