W.C. Fields plays Egbert Souse, a bibulous denizen of Lompoc who supports his family by winning radio contests. When a fleeing bank robber is knocked cold upon tripping over the park bench where Egbert sits, Souse is hailed as a hero and offered the job of bank guard.
The next day, he is approached by one J. Frothingham Waterbury (Russell Hicks), who offers to sell Egbert shares in the Beefsteak Mines.
Souse raises the necessary money by convincing bank clerk Og Oggilby (Grady Sutton), the fiance of Egbert's daughter Myrtle (Una Merkel), to borrow some funds from the bank; it isn't really embezzling, explains Egbert, because the mine is bound to pay off.
Unfortunately, bank examiner J. Pinkerton Snoopington (Franklin Pangborn) comes calling, spelling possible trouble for Souse.