Louie is singing the song "Louie the Lout" about his days in the old west to the boys in the Sweet Shop. All of a sudden a man arrives on horseback and Louie hides from him in the back of the store. The man identifies himself as a sheriff of Hangman's Hollow, a town out west where Louie is wanted for a murder that took place 20 years before. The boys tell the sheriff they never heard of Louie and he leaves. Louie comes out of hiding and tells them the story of when he was a younger man and lived in Hangman's Hollow he and his partner, Pete Briggs, discovered gold. He then tells them that Pete was murdered by Blackjack McCoy and he was framed for the murder and fled to the city. He then shows them a map of where the gold is hidden...tattooed on his back.
The boys decide to go out west to clear Louie's name and help him give Pete's share to his daughter. They make a copy of the map on Sach's back and head west. They are ambushed by some Indians and Sach unwittingly shows the map to one of them. Indian Joe then heads back to town and alerts Blackjack that the boys are in town to clear Louie's name and claim the gold. Meanwhile, Gabe, who Slip sent ahead, has gotten into Blackjack's good graces with his card tricks and assists Slip and the boys.
Eventually the boys capture Blackjack and have him confess the murder to the sheriff, and just as everyone is about to collect the gold and live happily ever after, Slip hits Sach on the head waking him up. We learn that it was all Sach's dream.
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