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Dealing with a crime ring in the early years of the 20th century the film tells of the campaign by President William McKinley (Frank Conroy) to halt bank robberies perpetrated by men with high connections. Naval lieutenant Richard Perry (Robert Taylor) is assigned to be an undercover agent and ferret out the gang leaders and he falls in love with beer hall singer Lil Duryea (Barbara Stanwyck), who is also the sister of Bastite Duryea (Brian Donlevy). Posing as a bank robber, he is wrongly convicted as one of the leaders and sentenced to be hung. He writes to McKinley for aid, but the president is assassinated before the letter arrives. Lil then pleads directly to Theodore Roosevelt (Sidney Blackmer), the incoming president.