Set in Osaka in the 18th century, the film centers on the doomed romance between Jihei (Kichiemon Nakamura), a down and out married paper merchant passionately in love with doe-eyed courtesan Koharu (Shima Iwashita), whom he cannot afford to buy out of servitude. Koharu herself has also fallen in love with Jihei; she even starts turning away other patrons to be with him. Their love is further imperiled by Tahei (Hosei Komatsu), a rich, obnoxious merchant who flaunts his ability to buy Koharu's indenture. Suicide is the only way for the two to be together.