Mr. Beaumont, a Kentucky horseman of the old school, loses several of his horses at the card table and pins all his hopes on Virginia's Future, a colt entered in the Futurity. He bets heavily on the horse, which falls during the race and breaks a leg. Beaumont loses his fortune, and his wife deserts him for Greve Carter. Virginia's Future is nursed back to health by Mike Donovan, the trainer, and sold to another horseman. The mare gives birth to a colt, Confederacy, and is later sold to a foreign junk dealer, who mistreats her. Confederacy shows great promise and is entered in the Futurity, with Donovan's son, Danny, in the saddle. Beaumont and Donovan bet every cent they have on the horse, which wins. Beaumont uses part of his winnings to buy back Virginia's Future, putting her out to pasture.