The first act of the play is set in England in the 1800s. The lead character is Capt. James Wynnegate. His older cousin, heir Henry Wynnegate, Earl of Kerhill, steals from the family trust fund and speculates heavily. Henry loses the fortune, causing them to default on a commitment to an orphans' home.
Capt. Wynnegate is in love with Henry's wife, Diana. She does not love her husband and returns the affection of the captain. As the money has been lost, Capt. Wynnegate agrees to leave England and take the blame (see remittance man). He is then accused of being a thief, which allows Henry to avoid suspicion and protects the name and the reputation of his wife.