In a valley near Mount Mikunigatake, in the old province of Echizen (part of modern day Fukui Prefecture)... Legend has it that long, long ago, a virtuous monk used his powers to imprison a Dragon God in Demon Pond, as a way to protect the surrounding villages from destructive floods. Ogiwara Akira hears the legend and is intrigued; he makes the journey to this valley from Tokyo. In the valley is a temple, where the bell is struck three times a day (around 6 a.m., 6 p.m., and in the wee hours around 3 a.m.), in keeping with a pact that was made with the Dragon God. Akira takes over the duty of tolling the temple bell. One summer day, Akira's friend Gakuen arrives. Gakuen has been worried at not hearing from his friend since he left home. He finds Akira, who has married a local woman named Yuri. Akira leaves Yuri at home and says he will take Gakuen to Demon Pond. The two head into the mountains. The village has been suffering a drought unlike any before, and it is decided that the beautiful Yuri will be offered as a sacrifice to Demon Pond, in hopes that they may get some rain. There was once another girl, Shirayuki, who was offered as a sacrifice in similar circumstances. She was made to strip naked and ride on the back of a cow. Seething with hate for the villagers for the humiliation suffered at their hands, Shirayuki threw herself into Demon Pond. In doing so, she became Shirayuki-hime (Princess Shirayuki), master of Demon Pond. Shirayuki-hime is in love with the young master of Serpent Pond, which is far away on Mt. Haku. One day, she receives a love letter from the young master. Shirayuki-hime wants to go meet him immediately, but an old woman stops her, reminding her that the village will be flooded if Shirayuki-hime leaves Demon Pond, and that this would break the "oath of the bell" that has been made with the humans. Shirayuki-hime declares that her love is more important than the lives of humans, but she is moved by a song sung by Yuri as she waits for Akira's return. Shirayuki-hime decides that instead of going to see her love, she will write him a letter. On their journey to Demon Pond, Akira and Gakuen are gripped with a sense of foreboding. They return home and find that the people of the village are about to seize Yuri. Akira is adamant that the wrong that was done to Shirayuki must never be repeated, but the people are not persuaded; instead, they turn their ire toward Akira and Gakuen. Yuri commits suicide in the hope that Akira and Gakuen will be spared. Akira is in despair; he cuts his own throat. 3 a.m. comes and the bell is not rung, thus breaking the oath. From Demon Pond, Shirayuki-hime cries out in joy. The sky darkens, and amid peals of thunder, the floodwaters rise. Under the water, Akira and Yuri smile.