At the start of the story "Grace", Tom Kernan, who works as a tea merchant, is discovered lying on his stomach in a drunken state on the restroom floor of a pub in Dublin. He has fallen down the stairs, and has injured himself. He is unable to help himself and speak clearly due to the fall. However, his friend, Mr. Power comes to his rescue and takes him back to his house to prevent any more humiliation, where his wife is waiting for him.

After two days, three visitors including Power and two other men named Cunningham and M'Coy come to see Kernan. What Kernan doesn't know is that Power has already told his wife that they plan to take Tom to a church retreat to help him improve his behavior. Tom was one a successful businessman, but has fallen on hard times and his behavior has been out of control. The three visitors cleverly propose that Kernan should also come along, and he agrees, thinking that it was his own idea to join them, not realizing it was suggested by his friends.

The retreat has been tailored to cater to the needs of businessmen, and in addition to the four friends, a grocer named Fogarty and several other merchants from their community have also joined. During the retreat, the priest, Father Purdon, delivers a sermon on a section from the Gospel of Luke (16:8-9) which he explains is intended for men who are actively involved in worldly affairs. The group of men listens intently to the sermon, which focuses on "spiritual accounting," a way the Jesuit priest uses to bring businessmen closer to the church. Mr. Kernan seems open to changing his ways, although he says he will not hold candles in church, as he "does not believe in magic."