The young Countess Wilma is forced to wed by midnight or lose her inheritance. Wilma impulsively chooses gypsy vagabond Latzi, offering him a huge sum of money if he'll consent. Swallowing his pride, Latzi agrees to the marriage, but soon Wilma falls in love with the young Lieutenant Von Tokay who is himself in love with Latzi's gypsy sweetheart Timka.