The film is set in the year 1820 and centers around a student at a university in Prague, Balduin. At a student-led outing to a country inn, Balduin encounters the figure Scapinelli who offers him money "for very low interest." Balduin believes him to be a loan shark and ignores him to go engage in a fencing match with another student. After the match, the viewer sees Scapinelli on a cliffside, watching a young woman (later revealed to be Margit, the daughter of a count) on horseback who is participating in a fox-hunt. He manipulates the situation such that the animals run amok and head towards the inn. Balduin sees Margit on the horse and catches her when she falls off. As a reward, he receives an invitation to her father's house, Count Schwarzenberg. There he becomes aware of his own poverty in comparison to Margit's fiance, who is a baron. Later that night, Scapinelli again comes for Balduin and makes an offer. Balduin signs a contract stipulating that Scapinelli can have anything in the room he wants in return for 600,000 florin. Balduin signs and Scapinelli takes out a small bag and proceeds to pour the entirety of the 600,000 onto the table. Scapinelli then takes his part: Balduin's reflection.
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