William Drake Addington V, a young man from a wealthy family, spends most of his time in nightclubs. One night, a drunk Bill listens to rabble-rouser Darby McGraw speak about redistributing the wealth and is so moved that he promises to give away his money and get a job. The next morning, after escaping a mob of people hoping to receive some of his money, Bill escapes in a laundry truck and goes to the Junior Welfare Home, which is sponsored by his grandfather, Colonel William Addington Drake III. Bill tells everyone he is Bill Smith, an unemployed handyman. Most of the children at the home return to their mothers at night, but orphan Dodie is cared for by Carole Martin, who is a teacher. Dodie is suspicious of Bill, believing he is a criminal, and he unwittingly confirms her doubts by tearing his picture from a newspaper article about his disappearance. Meanwhile, the colonel and Bill's bossy fiancée, Millicent Bonham, a steel heiress, pretend to the public that the wedding is proceeding as planned. Dodie then finds an old newspaper photo of Bill, and assuming he is a bigamist, reports his whereabouts to Millicent. Bill has fallen in love with Carole, and when Dodie tells her about Bill's true identity, she cries. Bill returns to his family home, but Dodie, distraught over her error in judgment, leaves Carole a note that she has been kidnapped. Carole goes to the Drake mansion and confronts Millicent. The colonel then tells Millicent that Bill is giving his fortune away, and she stalks out. Bill arrives with the children from the home, and as Dodie and the colonel look through the keyhole, he convinces Carole to marry him.