The play opens with Valentine, the eldest son of Sir Samson Legend, sitting in a room reading books of ancient philosophy. He begins to speak with his servant, Jeremy, about the work by Epictetus that he is reading, and he shares the stern philosophy Epictetus advocates: “learn to live / upon instruction; feast your mind, and mortify your flesh” (1.9-10). Valentine is reading such works because he is hiding away from his creditors, with the harsh asceticism of the ancient philosophers contrasting sharply with the spendthrift lifestyle that has led him into his present troubles.

Jeremy mocks Valentine’s books, asking him if any of the philosophers could possibly “teach you how to pay your debts without / money?” (1.23-24) and reminding Valentine of how he warned Valentine against his extravagant lifestyle. He blames Valentine’s spending habits on Valentine’s desire to impress a rich young woman named Angelica, claiming that Angelica never returned Valentine’s affection even when Valentine was wealthy. Valentine, however, is not discouraged by Jeremy’s words: He instead vows to pursue Angelica with more determination than ever, claiming that his poverty might inspire love in her in a way that his wealth never did.