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It has been ascertained, both in England and France, that since the establishment of savings-banks in those countries, no criminal has ever been found to have been a member of one. How true a benefactor to his country has the young merchant Hagedom proved himself to be! May he live long to direct the savings-bank of his native town of Libau!
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.
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