The four Rangers stake out and foil a bank robbery by the Emerson Gang, capturing leader Wayne Emerson and killing the rest except for Wayne's younger brother Ed. Reese's yearly enlistment with the Rangers is up and he intends on using his share of the reward money to buy some ranch land. He buys parcel 16 from the Fletchers and is excited until he discovers the land is under alkaline water! Eric sets out after the Fletchers, posing as a wealthy European who wants to buy land in Texas. Reese, Chad and Joe, with prisoner Wayne, in tow head for a rendezvous with Erik and the Fletchers in town. Reese wants to get his money back by force but Erik, Chad and Joe plan to get it back with finesse so they handcuff Reese to the bedpost in the hotel's bridal sweet along with Emerson. Later Chad and Joe decide Reese and Emerson would be safer in jail. They get Reese to sign his re-enlistment paper by telling him they will get the sheriff to let him out but keep it instead. Eric gets the Fletchers to include Reese's parcel in with the land he wants to buy and gets them for fraud. Erik arrests Sally by embracing and kissing her. Ed Emerson hires a gang and breaks his brother out of jail. The Rangers follow the gang out of town and a gunfight ensues. During the fight Chad loses his balance and hangs precariously over a cliff from a lone branch. Reese uses the opportunity to get the enlistment paper back and then leaves Chad hanging. Back at Laredo Reese says goodbye, calling the Captain "Eddie", but decides to stay one for one more year to look out for the other three when he hears them making unsafe plans for their next assignment.