Wallingford is a con-man whose specialty is taking money from suckers. His partners are Schnozzle, a pickpocket and car thief; and Blackie, who has played the game for years.
Lee is a fresh young kid from the South when he gets a job with The Press. His first assignment on gangsters gets his name in the paper, the police on a raid and Lee in the hospital.
First of several filmed versions of a popular period operetta, in which an early 18th century noblewoman in Poland falls in love with a revolutionary student activist.