He counted upon a final German victory and upon imposing heavy indemnities upon the Allies .
He was Secretary for the Treasury from 1916 to 1917 , and was said to be responsible for financing expenses for World War I through loans instead of taxes .
Secretary counted upon a final German victory and upon imposing heavy indemnities upon the Allies .
He was Secretary for the Treasury from 1916 to 1917 , and was said to be responsible for financing expenses for World War I through loans instead of taxes .