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Businessman Nate Cohen joins his bootlegger friend, Captain Pat Kelly, on his boat after sixteen years on land. When Kelly's daughter Molly falls in love with Coast Guard officer Bob Graham, who has been hassling Kelly, he refuses to let them marry. In a bar, Kelly meets Queenie Truelove, to whom he was married for eight hours, and she demands $1,200 in alimony. To rid himself of Queenie and her gold-digging friend, Fern, Kelly convinces them his deck hand, Andy Anderson, is millionaire Commodore Van Deusen. When Fern grabs Cohen for a spontaneous double wedding, and Andy passes out from liquor, Kelly moves all to Captain Silva's rum boat, the "Esmeralda," saying it is a hospital boat for Andy. Kelly and Cohen then escape in Kelly's boat, and Kelly goes overboard and is forced to jump into a rowboat. A sea chase ensues in which they nearly crash numerous times, and Cohen ends up towing the rowboat before running out of gas. Meanwhile, Bob and Molly search for Kelly's boat, fearing he is adrift and in danger. Kelly and Cohen spy the "Esmeralda" and come aboard as Silva performs a wedding ceremony for Andy and Queenie, whom Andy thinks is wealthy. When Queenie discovers that Andy is really Kelly's deck hand, she chases Cohen and Kelly off Silva's boat and onto a frigate just as Bob approaches and fires at the rum boat. As the boat sinks, Cohen and Kelly surrender and come aboard Bob's boat. Bob then threatens to arrest Kelly for bootlegging until he agrees to let Bob marry Molly. Kelly accidentally fires a gun round, and the "Esmeralda" explodes, leaving Silva, Andy and Queenie swimming for their lives.