The setting is a library lawn where Clyde, Truett, Harold, and the narrator (implied to be Howard himself) gather for an evening of smoking and conversation under the stars. The mood is eccentric and somewhat surreal as each individual ponders and expresses grandiose or nonsensical thoughts. Clyde smokes a Turkish cigarette, Truett a water-pipe, and Harold a meerschaum, while the narrator humorously claims to be smoking a herring.

The conversation drifts from fantastical desires like walking among clouds and becoming millionaires to more grounded laments about the futility expressed in modern literature. The group discusses destroying a church in retaliation against ethnic conflicts abroad, a reflection perhaps of their disdain for global injustices or merely a satirical take on their ability to solve such problems. The dialogue veers into the ridiculous as a mysterious creature called a "barnswoggle" appears, escalating the surreal nature of their musings.

Harold despises the pessimistic views of a writer he disdains, while Truett argues that the beautiful aspects of life cannot be purchased. The story concludes with Truett calling anyone who would read their discussion fools, and the narrator tragically weeping for Bulgaria, adding to the absurdity and satirical tone of the tale.