The story of Romeo and Juliet, a tale as old as time-- Here, played as farcical lark: A goofy comedy of manners set in a snowy Bavarian village.

Helene, a painter, loses a necklace and takes work as a caricaturist to pay the debt. Not wishing to be recognized, she does the work in a clown costume.

Siles, a wealthy American, devotes all his time to research. When he tests a tincture on himself he discovers his physical appearance has transformed, and that he can transform back with the use of another tincture. Siles decides to take advantage of his transformations and live a double life.