After a night on the town, Jonathan Blair wakes to find that Texan Valentine Ransome has escorted him home. Valentine is attracted to Jonathan and sets out first to reform him, and his family's near-bankrupt shipping company, and then to marry him. In her way is Jonathan's fiancée, actress Carol Wallace.
President Franklin Roosevelt appoints a theatrical producer as the new Secretary of Amusement in order to cheer up an American public still suffering through the Depression. The new secretary soon runs afoul of political lobbyists out to destroy his department.
A middle-aged magician is in love with his beautiful young assistant. She, on the other hand, is in love with the magician's young protege, who turns out to be a bum and a thief.