Citizens and dignitaries are assembled for the unveiling of a new monument to "Peace and Prosperity". After droning speeches, the veil is lifted to reveal the Little Tramp asleep in the lap of one of the sculpted figures. After several minutes of slapstick, he manages to escape the assembly's wrath to perambulate the city. He rebukes two newsboys who taunt him for his shabbiness, and while coyly admiring a nude statue has a near-fatal encounter with a sidewalk elevator.