A Scrooge-like wealthy businessman, embittered by a bad business experience, gets redemption from his understanding partners. Alone together on Christmas Eve, they seek companionship by throwing their wallets containing $10 on the snowy sidewalk in a wager that honesty will prevail when a decent person returns one of their wallets. When a down-and-out Texan, James Houston (Richard Carlson), and down-on-her-luck woman, Jean Lawrence (Jean Parker) show up, the bachelors are delighted to unite the pair for what turns out to be a long and rewarding friendship. The bachelors are killed in a plane crash and come back as ghosts to see what happens to the young couple. Successful as a singer, James is too self-centered to appreciate Jean’s unconditional love. He is taken in by a bad woman and shot by her angry husband. Determined to rectify James’ mistake one of the partners arranges to bring James back to life, and reunites the chastened young man with Jean.