Forty years after the Civil War, the once proud Connelly family of Carolina is reduced to poverty as their plantation falls to ruin. The family, which consists of matriarch Ellen, her daughter Geraldine, her son Will and her brother-in-law Bob, a famed veteran, hopes that through a marriage between Will and wealthy Virginia Buchanan, they will be able to restore their home to its former grandeur. To Ellen's dismay, however, Will falls in love with Joanna Tate, the daughter of their Yankee tenant farmer. When Mr. Tate dies, Ellen allows Joanna and her young brothers, Jackie and Harry, to stay on, despite Joanna's insistence on planting tobacco, which Ellen regards as unprofitable and undignified. The spirited Joanna tries to convince Will that he could rebuild the Connelly empire by starting from scratch, just as his great-grandfather did. Ellen attempts to come between the lovers at a party being given for Virginia, when she tells them that they must stop seeing each other because Joanna is of a lower social position. The couple refuses to listen, however, and spends a blissful evening full of declarations of love. The next day, Ellen orders Will to accompany Virginia to Charleston, where Virginia's bank is prepared to take over the mortgage on the Connelly home. Meanwhile, Joanna and local storekeeper Richards discuss the potential of her tobacco crop, which promises to be exceptionally profitable. Ellen sends for Joanna, but not to discuss the crop, as Joanna assumes. Ellen instead orders Joanna to move out because of her refusal to stop seeing Will. Joanna is shaken by Ellen's declaration, and by the rumor that Will is in Charleston to get married, but still tries to get Ellen to change her mind. Will returns home after telling Virginia that he cannot marry her, and he finds out about Ellen's edict. As Joanna and the family discuss the issue, they discover that forty years earlier, Ellen, always watchful of the Connelly social standing, also interfered in Bob's love life. She had informed Bob's sweetheart, who was Geraldine's governess and Joanna's grandmother, that Bob was killed in battle so that she would leave before Bob returned to marry her. The revelation disturbs Bob's confused mind and he shoots himself, after which a shocked Joanna prepares to leave, while Will remains locked in his room for two days. Richards tries to convince Joanna to stay, but she is adamant until Will at last leaves his room and pleads with her. Joanna then tells Ellen her vision of the Connelly greatness being restored by tobacco, and as the years pass, the hard work of Joanna and Will pays off. With the family fortune regained, Ellen happily plays with her grandchildren, Joan and Will, by telling them a fairy tale while Joanna and Will go to the store.