Daniel Mylrea is the son of the Bishop of Man, the baron of the Isle of Man, whose temporal power is higher even than that of the Deemster, or governor. The Bishop desires Dan to become a minister, but he prefers to be a fisherman. The Deemster of Man has a son and a daughter, Mona and Ewan. Dan and Mona are in love. She consents to marry him when he can obtain her father's consent. Ewan, her brother, decides to become a clergyman, even in the face of his father's insistence that he take up business as a vocation. The Deemster opposes Dan's suit for Mona's hand because he has fallen from his high estate as the son of the Bishop by becoming a fisherman.

Neil Dacey falls in with loves Peggy Desmond. Terence O'Malley, nephew of Squire O'Malley, is anxious to win Peggy. Terence and his uncle have a quarrel because Terence cannot win Peggy, and the squire is killed. Terence does the killing with Neil's gun, so Neil is held for the murder. Peggy, to save her fiance, dresses as the will-o'-the-wisp.

When seaman Matt Peasley and his friend, Murphy (Hugh Cameron), go ashore in San Francisco, they save Florrie Ricks (Agnes Ayers) from a couple of robbers. Matt falls in love with Florrie, whose father is ship owner Cappy Ricks (Charles S. Abbe).

A young newspaper man from San Francisco arrives in the Yukon to start a newspaper and conflict ensues. Based on the poem by Robert W. Service.