Young Brierly struggles to save his father, Major Brierly, from the clutches of alcohol after the Great War. At the same time, he prepares Major Brierly's horse, which served bravely with the Major at the front, for the Kentucky Derby.

The story takes place in Milwaukee during the early 1900s with a bank clerk named August Schiller who is happy with both his job and his family. He is tasked with transporting $1,000 in securities to Chicago. On the train he meets a blond seductress who convinces him to buy her a bottle of champagne, and takes him to a saloon. The next morning he awakes alone in a dilapidated bedroom and without the securities.

An embellished account of the 1803 expedition by famed frigate U.S.S. Constitution--a.k.a. "Old Ironsides"--against the Barbary pirates then terrorizing American shipping, focusing on the crew and passengers of a fictional merchant ship, The Esther, who fall afoul of the same pirates and thus become involved with the Constitution's mission.