- In Sleepy Hollow dwells a young blacksmith who, when not happily making horseshoes, is courting a village maiden.
- At the crook of a road leading to Success is the little hamlet of Sleepy Hollow where everyone sleeps as time rolls on. In Sleepy Hollow dwells a young blacksmith who, when not happily making horseshoes, is courting a village maiden. One day, the regular road is closed for repairs, and the detour forces traffic to pass through Sleepy Hollow on the way to Success. Passing through the town is Avarice and his beautiful bride Innocence who bestir the envy of the blacksmith. Following them along the road to Success, the smithy encounters a wishing tree which enables him to switch bodies with Avarice. Transformed for the worse, the smithy realizes his mistake too late and is killed. He then awakens from his nightmare, realizes that money and power are superficial values, and returns to his peaceful life and the maiden in Sleepy Hollow.
- Ambition, a youth blessed with all the masculine graces, starts out on his donkey (Opportunity) into the world. He covets worldly possessions when he comes to realize what riches may mean. His envy becomes centered upon Avarice, a crafty old libertine, who is wealthy and powerful, but despised. Avarice is married to Innocence but he is a husband in name only. She became his wife to save her father from the ruin of an overwhelming debt. Ambition and Avarice meet and a friendship springs up. Avarice views this with alarm. The wanderings of Ambition take him to a wishing tree, where, if one raps, the Maker of Dreams will appear and grant all wishes. Ambition summons the Dream Maker and utters the wish that he might have the wealth and power of Avarice to win Innocence. Avarice also yearns for the love of his wife and he, too, visits the wishing tree. He believes if he could take the form and face of Ambition he might stir love in the heart of Innocence. He makes his wish accordingly. The Dream Maker brings Ambition and Avarice together and offers to grant each wish providing each man will give his soul to the other and at the death of either, the remaining one will give up his body. The two men subscribe to the pact. The exchange of souls follows. Ambition now possesses all Avarice's characteristics. He is transformed for the worse. Avarice, on the other hand, is softened and with Ambition's soul within him wins the love of Innocence. Ambition realizes his error, denounces the other and is thrust from the home of Avarice. He is killed by lightning while raging through the forest. The Dream Maker then visits Avarice and tells him of Ambition's death. The pact to surrender the body at the death of the other is recalled. Avarice thus finds himself on the brink of the grave when all he craved is within his hands. But Ambition, who has dreamed it all, is found asleep at the foot of the wishing tree. He wakens, realizes that wealth and power make but little and he is richer by far with the God given qualities he has possessed. He summons his faithful donkey, Opportunity, strikes out for home and finds that there resides true love and all that he holds dear.
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