 Rex Allen (Rex Allen), star of the Western Rodeo Circus, and his clown pal Slim Pickens (Slim Pickens), get involved in the matrimonial plans of high-wire specialist Chip Wells (Clayton Moore)and his treacherous parter Valerie (Marjorie Lord), through feeling sorry for Chip s motherless 8-year-old daughter Taffy (Judy Nugent). Chip thinks Taffy is jealous of Valerie, but Taffy tells Rex that she just thinks Valerie isn t the right woman for her father. After protecting Valerie from Cooper (Roy Barcroft), Chip discovers that Valerie has diamonds worth a half-million dollars in her possession. Chip hides the diamonds in Taffy s doll, until he can get an explanation from Valerie. Knowing that Chip won t tolerate her diamond-smuggling activities, Valerie distracts him at a critical point in their high-wire performance and he falls to his death. To get possession of Chip s personal belongings, knowing the diamonds are hidden there, she calls on the shady "Judge" Sully (Percy Helton) for help. He writes a phony order making Taffy a ward of his court and orders Chip s belongings to be held by the court. Taffy runs away and finds refuge with Narita (Dona Drake), a gypsy girl.