This pony story tells of a very discontented pony named Merrylegs. Even though having everything a little pony needs - a field to run about in, a kindly farmer owner and farmyard friends Daisy and Squeaker -Merrylegs still begins to feel discontented with his lot in life.
After hearing stories about his great-great-grandfather who had been a great race horse, Merrylegs begins to think that "he was much too well-born to work".
The story continues with a trip with the farmer to the market, where it was 'Fair Day'. Even though still feeling above his work, Merrylegs begins to enjoy the fair day, watching all the comings and goings, hearing the happy music playing and even a Punch and Judy show! It is at the fair day that the little pony finally realizes what it is that he should become in life. He notices a roundabout and to his great surprise, it is not chairs that the children are riding on - but horses - "What horses!". 'These were lordly creatures, with proud, flashing eyes, and wide nostrils. Their long manes and tails floated out behind them, their fore-feet pawed the air, and they had coats of scarlet, with here and there a touch of gold'.