The narrator sets the scene for a warped version of the classic poem, and the hijinks when assistant Porky gives the blacksmith a rubber horseshoe, then a hot horseshoe on the horse's backside by accident.
Joyce Reid, a wealthy young debutante, stows away on a cargo ship to China, carrying as passengers her dashing aviator sweetheart, Dan Bailey and and her munitions-producing father, E.
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).
Hoping to rid a small western community of its corrupt political machine, Ken Marshall (Ken Maynard) runs for sheriff against the bad guys' candidate and wins the election.
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.
Carrie Snyder is a prostitute, who is forced out of the fictional southern town of Crebillon, after forming a friendship with a young boy named Paul, whose dying mother is unable to protest against her son visiting such a woman.