When her sister dies, a nightclub singer is left with her children. In order to raise the children properly, she leaves her singing career and takes her new family to a farm. However, her greedy manager--seeing his "cash cow" slipping away--goes to court to have her declared legally incompetent.
Frankie Reynolds (Frankie Darro' ), youngest member of a family of jockeys, borrows $4.85 (yes, four dollars and eighty-five cents) from his sister Phyllis (Gladys Blake), who is not a jockey, to buy a crippled colt from the stables owned by Clay Harrison (Kane Richmond).
Oswald the Rabbit and his little brother catch the Slumberland Express and it carries the assorted animals to childhood's dream of paradise - an amusement park where all the games are free, and windows are provided just to be broken by an abundant supply of free rocks, and old men wear silk hats to provide targets for snowballs.
Peyton Wells (Ben Lyon) rescues Judy Jones (Joan Marsh) from a very dull young man, at a sedate party given for her by her multi-millionaire grandfather Silas P.
Although Larry "Buster" Crabbe earns top billing, the hero of Drift Fence is former Western star Tom Keene as Jim Travis, who, at a rodeo, meets city dweller Jim Traft, who has come west to erect a fence that will prevent Clay Jackson from continuing his cattle rustling business.