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In London, Russian Prince Boris Caminov tries to interest the Hon. Cedric B. Cromwell in purchasing Czar Nicholas II's crown jewels. Cromwell, however, reveals that he, too, is a conman who has sold phony "crown jewels" many times. Cromwell then proposes a scheme by which, he says, they can make millions together. Posing as a student of history, Cromwell will announce that Sir Francis Drake, the explorer, who plundered many countries, had a son. With promises of untold wealth, they will interest naive American backers to provide them with funds to find the heir to Drake's fortune. After the prince suggests that they instead "create" the heir and use his money to take them to New York, they notice Jeeves, a "gentleman's gentleman," and Cromwell points out that English valets always save their money. They then convince Jeeves that he is Drake's heir, the Earl of Braddock. In America, Babe, the wife of former beer racketeer Barney Ross, reads about the earl's impending arrival and convinces her husband to get him to stay with them at their Long Island estate, so that they can be accepted into society. Ross sends one of his mugs, Max, to the docks to pose as a taxi driver. Upon arriving in America, Jeeves gets into the cab, and reporter Patricia Westley joins him. Police then jump onto the cab's running board and order Max to follow a getaway car. After the chase, which results in a crash, Patricia invites Jeeves into a nightclub, where he bests Max in a drunken bout of leg wrestling. While Patricia calls in her story, Max and Jeeves leave to find Max's brother-in-law for a new bout. Patricia's suitor, wealthy Gerald Townsend III, wagers Patricia $10,000 to a wedding ring that he can bring in a better story than she can about the "earl" and his pals, Cromwell and the prince, whom Patricia suspects are not on the level. Max brings the drunken Jeeves to the Ross estate, and the next morning, Babe orders her husband to invite Cromwell and the prince, because Jeeves asks for them. Gerry, impersonating "Brooks," an out-of-work social secretary, convinces Cromwell and the prince to hire him for the "earl" and talks Babe into hiring Patricia as her social secretary. When Ross demands to have a cut of the "earl's" fortune for $50,000, Cromwell and the prince, who have learned about Ross's violent past, try to sneak away, but they are stopped by one of Ross's mugs. During a wild West charity bazaar that Babe holds in honor of the "earl," Gerry gets a cablegram from a London agent, which identifies Jeeves as a former valet. After one of Ross's mugs steals the cablegram and shows it to Ross, Ross orders Cromwell and the prince to act as if nothing has happened so that Babe's big night will not be spoiled. At the party's end, after the upper-class guests promise to put Ross up for membership in their club, Cromwell says that he just learned that day that Jeeves is not really the earl. Embarrassed, Jeeves returns his third of the $50,000 to Ross and apologizes to Babe. He is about to leave when Ross pulls a gun. Patricia threatens to publish the story and embarrass the Ross's, but offers not to write a word if Ross lets them leave. Babe then pulls a gun on her husband and lets Patricia, Gerry and Jeeves go, rather than have the whole town laugh at them. The outcome of the bet between Patricia and Gerry, however, is in doubt because the story cannot be printed. Jeeves then advises Gerry to take Patricia in his arms and with the aid of nature, let her decide. They kiss and plan to marry, while Cromwell and the prince talk to Ross about Czar Nicholas II's crown jewels.