After the 1933 death of Addison Mizner, people who knew him, including his estranged lover Hollis Bessemer, comment on his life and the way he squandered his talents ("Waste"). Addison's younger brother Wilson appears and speaks to Addison, who angrily claims that Wilson was the cause of all his failures. The time shifts to Papa Mizner's death in California at the beginning of the twentieth century. On his deathbed, Papa charges his sons with the task of using their gifts to shape America ("It's In Your Hands Now"), telling them that there's a "road" to follow. Mama Mizner reveals the family's wealth has been eaten away by Papa's long illness and advises the boys to seek gold in Alaska; Addison is reluctant, but goes along with Wilson anyway ("Gold!").