The story follows the fortunes of a late nineteenth century Englishman identified only as Graham. He falls into a strange "trance" in 1897, due to his dabbling in drugs to cure a prolonged and serious insomnia, awakening two hundred and three years later to find that he has inherited sizeable wealth from his cousin Warmings and a friend of his, Ibsister. His money had been put into a trust. Over the years, the trust, known as the White Council, used Graham's unprecedented wealth to establish a vast political and economic world order.Upon first awakening, Graham is extremely confused and suffers from severe culture shock. The individuals who had been charged with minding him during his sleep react to his awakening with surprise and alarm. No one had seriously expected Graham to ever arise from his slumber. Somehow, word spreads to the general populace that the sleeper has awakened. This leads to a great deal of distress among Graham's stewards which only increases when large mobs begin crowding around the building housing Graham. They shout and chant demands to see the fabled sleeper.