For Balduin, going out to beer parties with his fellow students and fighting out disputes at the tip of the sword have lost their charms. He wants to find love; but how would he, a penniless student, ever dare looking up to any woman worth of loving? Absorbed in his dreary thoughts and indifferent to the advances of Lyduschka, Balduin is unexpectedly offered a fortune by the mysterious money-lender Scapinelli - but on a strange condition...

Prague, Bohemia, 1820. Balduin, a penniless student, falls in love with Countess Margit, a wealthy noblewoman whom he has saved from drowning.