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Horace P. Hemingway, his wife Mathilda, and daughter Barbara, will inherit ten million dollars from Mathilda's eccentric cousin Ezra Ounce if their lives can pass Ezra's moral scrutiny. Unfortunately, Barbara is in love with Jimmy Higgens, a black sheep member of the Ounce family and an aspiring actor. Their chances of meeting Ezra's requirements are further jeopardized by Mabel Anderson, a showgirl who blackmails Horace after she sleeps in his train compartment. Horace, innocent of any indiscretion, but afraid of losing Ezra's millions, pays off Mabel. With Horace's money, Mabel and Jimmy put on a lavish Broadway musical, featuring Barbara. Meanwhile, Ezra has formed the Ounce Foundation for the Elevation of American Morals and plans to stop the indecent show on opening night by hiring a group of thugs to start a fight when he waves his handkerchief. As the curtain is about to go up, Barbara is delayed, and Mabel goes on in her place. Barbara finally arrives to take her role in the romantic number with Jimmy, but during the performance, Ezra, Horace and Mathilda get drunk on Ezra's health elixir. While Mabel is singing her next song, she waves to Ezra and he inadvertently waves back with his handkerchief. The fight breaks out on cue, the police arrive, and everyone except Mathilda lands in jail, happily drunk on elixir.