Ben Trego dies defending his twin sons from Indian attack. Separated, the two boys grow up very differently, one as Paul Marsden, the other as a cowboy named Three Word Brand. Paul becomes governor of Utah while Brand partners with George Barton in a ranch. The owner of the adjacent ranch plots to get Barton and Brand out of the way in order to control water rights. When Governor Marsden comes to the area to investigate, Brand sees the resemblance between them, though neither knows about his twin. Brand waylays Paul and takes his place as governor in an attempt to thwart the crooked rancher in the water rights scheme.

In 1898 friends John Thomas and Lars Larson travel to the Yukon with their wives to make their fortunes. While in Alaska Thomas' wife gives birth to a boy, and Larson's wife has a girl, Julia. However, Larson spots a birthmark on his daughter's shoulder that resembles one on Thomas' shoulder, and he begins to suspect that he may not actually be the girl's father. Over the next 20 years the two become millionaires, but Larson's wife dies. Julia and Thomas fall in love and wish to marry, but Larson is determined to oppose it.