Rex Allen, star of the Western Rodeo Circus, and his clown pal Slim Pickens, get involved in the matrimonial plans of high-wire specialist Chip Wells and his treacherous parter Valerie, through feeling sorry for Chip's motherless 8-year-old daughter Taffy. 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, 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 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, a gypsy girl.