Bank officials set out to rob their own bank.

Gabby Whittaker, who is returning from the California gold fields to his home in Missouri, is persuaded by his grandaughter Mary to deposit his earnings in the bank. The owner of the bank, Sam Wyatt, then decides to take advantage of the James' brothers unsavory reputation to rob his own bank and pin the blame on the notorious Frank and Jesse. After the robbery, the bankers association hires Roy Rogers to track down the brothers and recover the money, but his efforts are hampered by Captain Worthington, the railroad detective who is determined to claim the $50,000 reward for himself. Consequently, Roy teams up with Gabby to infiltrate the James gang, and as a trusted member of the gang, he learns that the brothers are innocent. Suspecting Wyatt of the crime, Roy scares the banker out of town and collars him on the train as he is making his getaway with the cash, thus obtaining the evidence needed to clear Frank and Jesse.