Evening star., 1923-10-07
UNCLE SAM. BHL,IlONAIRE,, L,IlO ONA :
CAN'T FIX HIS WEALTH
But, Soon There Will Be Balance Sheet
for Government and All
" Doubt Will End.

is a great tAss: :aPbgfgas Beths
made and thxtzxpayer'cantlo look fef-
ward to its srresentssiontl Wsti hin sthe
next two wears. =. I. ss.a MS
The Unfteds states Isl nsws44urfl:.
ished by the Phifippfne governmSne
with balance sheet each year, and
this statement shows the lkind Of !ie-
port which can be. expsetad for the
national government. The Philippine
report arranges its assets in the fol-
lowing order:
Public domain.
Fixed property.-Land, buildings
and improvements, public highways
and bridges. harbor and waterway
improvements, sewer and water
works. lighthouses and beacons. publ
lie parks and monuments, docks: and
wharves, artesian wells, irrigation
systems. telegraph. telephone. and
cable lines, electric. transmission
lines. 4 equipment-offset by accrued
depreciation of fixed property. = -
Permanent and long term invest
ments.-Rea1 Estate. loans apd ad-
vances, stocks and bonds. q.
~ Quick. assets-Cash supplies and
materials. sales stock. accrued inter-
est receivable and accounts receiv-
able "a.
Proponents.
United States Liberty loan bonds.
Deferred debts.
All of this. summed up. should give
the total assets. The HabilittesTafe,
likewise classified in some detail.
showing what the government owss.'
The difference between the assets
and liabilities sets forth tie met
worth of the. Philippine govern n9nt
as a going concern. 49,. :.
Cash Situation: shown. =.
+; The, Treasury Department. now IS,
sues la$S; daily Treasury ,statethsnt,
which; presents a very clear spfct Te'
of the cash situation of the goweInSl
siperft: It shows the cash asssts and:
cash liabilities of the government inl
detail and..in addition it supplies
classified statement of receiPts, by
sources, >hd disbursement byxpur-
poses of expenditures. It 49, not,
however, In any sense q balance
sheet, and, those who have consid-
cred It statement of assets, and
liabilities wfll readily appreciate that
it falls far shorts of presenting "A,
complete picture of the governments
financial condition. 1t does not, how
ever. purport TO be anything other
than a cash statement-and as q
cash statement 1t is most satisfac-
tory.
The office ~to&which the Taxpayers
must look for such statement is the
general accounting Office, That Of
fee is now setting up the accounts
which will control the authorizations
flowing from the action of the legis-
lators on the budget. Uncle Sam is
making progress in puating this gov
'ernment; on a business basis.
Criticisms HeIA Uniust.
1t is a large job and while many,
even In Congress- have been prone to
criticize the general accounting Of,
fee. fort no e. srsforming the acceints
Of the government more rapfdIy,
they have. not fully appreciated the
magnitude of:tile TASK and the fact
that it was necessary to- make retn :,
prehensiHe survey to.sdeterrnfne e e
kind of system needed to produce the
INFORMATION. This study could not
be made pin six months Or a year.
but it has now been made and steps
are being taken to place the ac-
counts of the national government
on par with the states and manici.;
palitiesr which" have installed modern,
systems Of governmental accounting.
When Uncle Sam has this now bal.
ance sheet It will be possible for
Congress representing the American
taxpsyers) to, get a much better pic
ture Of tho financial condition of the
United States. It will be possible
to effect economies. where they are
not now generally effected.
It will be possible to plan in terms
of longtime projects.