Reviewed by Geofrey T. Mills The University of Northern Iowa
This book is part of the Arno Press series “The Development of Contemporary Accounting Thought.” It is the reprint of Montgom ery’s memoirs, first published in 1939, and recounts his life in law, accounting and public service. Montgomery wrote in a lively, very readable prose, and his pages are littered with anecdotes and asides which can be quite amusing. The book reflects his some what cynical, iconoclastic view of the world. The person who emerges from these pages is a loveable curmudgeon who lived life in the fast lane, at least prior to World War II. The book is thor-oughly enjoyable, and is recommended to anyone interested in a participant’s-eye view of the nexus between the accounting profes sion and government service.
The book is divided into two sections.
The first is Montgomery’s personal memoirs which occupy some 235 pages of the book. This section is by far the better of the two, as the other section, roughly 445 pages, was added as an appendix for “published reports, pa pers, and prefaces by the author pertaining to accounting, tax, and public problems throughout the years 1904 to 1939.” The appendix contains such items as Montgomery’s response to the welcoming address for foreign delegates at the 1933 International Congress on Accounting, and the prefaces of his many books. These materials add nothing to the essential story line and in most cases are trivial. The only gem is Montgomery’s report on the hearings of the War Policies Commission. The WPC was established in late 1930 to in vestigate the munitions industry, to determine whether there may be a method to “take the profits out of war.” Montgomery’s report is intriguing, although his recommendations were unacceptable to the WPC. He appears to have been too liberal for the rest of the committee.
In summary, however, the book would be more interesting with out the Appendix and it can be ignored without destroying con-tinuity.
Montgomery’s memoirs are divided into four parts: public ac-counting, taxes and the practice of law, war, and hobbies, with the best material contained in the middle two sections. Parts one and four contain the alpha and omega of Montgomery’s life, and it is clear that he regards these two as of lesser importance. “Public Accounting” is an account of how he stumbled into accounting, his education, work habits, organizational interests, etc. This sec tion may reinforce one’s view of life in turn-of-the-century America. Montgomery is a sort of Horatio Alger, a true self-made man. Poor in background and resources, he had to quit school to help sup port his family and only obtained an education through sheer tenac ity. Like many men of his generation, he sought his fortune in busi-ness and set a course in the accounting profession. He developed an outstanding practice and reputation, and using his contacts and clients, was appointed to many public sector jobs in World War I and later. Those were the days when businessmen were recruited for public service on the basis of their reputations and were not, as a rule, scrutinized as carefully as they are today. Part four, “Hob bies” may be of limited interest to many because of Montgomery’s self-righteous and patronizing airs.
In the middle two sections Montgomery describes his role and views on some of the great public policy issues of the early Twen-tieth Century. Here is an “insider’s” account of the historical de-velopment of the income tax and the 16th Amendment to the Con-stitution. The author regards these laws as hardly more than “soak the rich” schemes, yet provides an interesting account of taxation practice before World War II. Montgomery’s sardonic wit adds spice to his narrative. This section also contains details of his many books on tax and accounting, as well as some of the speeches, addresses, and papers he delivered to many professional organi zations.
Part three on “War” may be the most interesting section. Mont gomery came to occupy many positions of high public trust during and after World War I. His work for the War Department, the War Industries Board, and the WPC was distinguished. Montgomery was one of a small legion of “Dollar-a-year-men” who were appointed to government positions without pay during these decades, return ing to private life after the job was concluded. He offers first-hand accounts of these agencies, their operation and importance.
