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Judge Roberts hides his true financial condition from his daughter, Virginia, whom he brings up in luxury by selling his estate a little at a time. After years of living this magnificent lie, the judge is left with only the family homestead and a horse named Southern Melody. The horse dies shortly after foaling, but her filly, Dixie, shows great speed and promise when she is trained by Johnny Sheridan, the judge's partner and friend. The superintendent of an adjoining stable tells Virginia of her father's reduced circumstances and offers to help the judge financially if she will marry him. Virginia consents, but the judge hears of it, sells Dixie, continues with his deception, and sends Virginia abroad. The judge's fortunes soon hit rock bottom: he loses his home, is defeated for re-election, and becomes a drunken derelict. Dixie is injured in the Belmont Stakes; Johnny buys her back, takes her to Kentucky, nurses her back to health, and enters her in the Derby. Virginia returns shortly before the race and learns of her father's poverty. The colt wins the race and a prize of $50,000. The old estate is restored to the judge, and Virginia asks the bashful Johnny to marry her.