Wolcott reports his gold-claim acquisitions to his employer, George Hearst, and Nuttall shows off his new bicycle. Meanwhile, Miss Isringhausen reaches an agreement with Swearengen, who also meets with Bullock to discuss alternatives to annexation.

Mining magnate George Hearst arrives while the camp is preparing for a celebration. Yankton officials react to a Swearengen power play. Violence erupts among the town's Chinese population.