The Chichester family have just gone bankrupt due to bank failure. Their situation looks gloomy until Mrs. Chichester learns of the death of her brother Nathaniel. While Nathaniel hasn't left them any money, he put a clause into his will stating that, if the daughter of his other sister can receive a proper education and become a lady, the family who raised her will receive a considerable sum of money every year. This daughter is named Peg.