In Franz Joseph I's Vienna, Captain Eichfeld publishes a witty satire on imperial Austrian army abuses, using the pseudonym "Spectator." It's popular, but Eichfeld dares not reveal his identity, as he wants the hand of conservative General von Trattenbach's daughter. His race rival blackmails both lovers.

Austria, Bad Ischl: The young Princess Christine and the Imperial Count of Hohenegg are supposed to meet at the annual Imperial Ball before their planned engagement. But things turn out differently than expected: Christine falls in love with Count Baranyi, and her future husband falls in love with the seamstress Franzi, who is mistaken for a countess at the wrong moment...

After their circus goes bankrupt, old clown Pipo, trick rider Cora, and little Silvio are left penniless. They can't even afford to feed the animals they have left. Reporter Conny Meister immediately senses a touching story. Dairy owner Runkelmann, on the other hand, wants to take advantage of the circus's plight and buy up the land for a factory. However, he didn't count on the commitment of the neighborhood children.