As a group of Apaches approaches Sweetwater, two horseman race through the town and the townspeople bet on the result. Meanwhile, Maverick is playing poker and finishes the game, winning a white horse named Liberty from Kelly.
Delwood Crestmore opens an investment office in Sweetwater and talks with his aides, Jessica Denard and Phineas Swackmyer. The investor plans to have Jessica enjoy Sweetwater's social life while he and Phineas handle business affairs. Tom arrives and Delwood explains that they've been corresponding and he plans to open an ice house. Phineas informs Jessica that Tom owns the Red Ox and they want to meet Tom's partner. Tom claims that Bret is in Colorado and unavailable.
When Tom returns to his office, he tells Jack to clean up the Red Ox. The bartender warns Tom that Bret is looking for him. He goes down to see Bret, who has his horse Liberty. Tom tries to get Bret out of town and insists that the livery is unguarded that night and Kelly may try to steal it back. Bret agrees with him and plans to move Liberty.
Congressman Theodore Roosevelt and his traveling companion, Joe Ferris, ride into town. Roosevelt tells Ferris that Geronimo and Spotted Eagle are already there with their party, and they need to find the stolen liberty horse quickly. Ferris gets rooms while Roosevelt starts making inquiries.
Bret talks to Cy and confirms that nobody has ever stolen a horse from the livery. Realizing that Tom is up to something, Bret has Cy take Liberty out to the ranch. As Cy leaves town, Roosevelt spots the horse. Meanwhile, Running Wolf, Geronimo's lieutenant, watches Roosevelt.
As Tom goes by the newspaper, Mary Lou reminds him that he promised to take her cameras out to Cabo Canyon to take photos of the sunset. He says that he can't make it because of other business. As they approach the Red Ox, Jessica comes to see Tom and asks for a few minutes of his time. Mary Lou glares at Jessica and can't resist sniping at her. Inside, Roosevelt orders a sarsaparilla and starts to ask jack for info, but Mary Lou storms in and complains that Tom is busy chasing petticoats and doesn't have time for her. As she leaves, Roosevelt realizes that he's found what he's looking for.
Jessica tells Tom that she knows all about Delwood and can help Tom with it. She's willing to help Tom because Delwood considers her an adornment and has more interest in polo horses, and Jessica wants to make her own fortune. When Tom asks what would happen if he doesn't give her 3%, Jessica promises to make things difficult for her. He says that he'll think about it and Jessica promises that it could be the start of an interesting relationship.
As Bret gets a shave, he has Rodney report to him on Tom's movements.
Outside Sweetwater, the Apaches check the time and wait.
Roosevelt goes to see Mary Lou and explains that the liberty horse was entrusted to Kelly and he disappeared with the horse. The Congressman wants Mary Lou to use her knowledge of the area to help him find the liberty horse. When she refuses to cooperate, Roosevelt tells her who he is and explains that the President sent him to arrange a treaty with the Apaches. The President sent one of his own horses as a sign of good faith, and the treaty will be signed in two days. In return for Mary Lou's horse, Roosevelt offers her an exclusive on the horse. Mary Lou agrees and asks for a description.
Delwood, Swackmyer, and Jessica come to see the Red Ox. Tom plans to use the Red Ox as collateral and Swackmyer mentions Clause 29. Delwood tells him to shut up, but Tom asks for an explanation. Swackmyer explains that if Tom puts up $50,000 in cash, he can sell out in six months and make a huge profit. Delwood says that he would only allow someone he is familiar with to exercise the clause, and Tom agrees that he doesn't want to risk the money. As they go to the office to see the books, Delwood reminds him that Bret will have to get involved and Tom says he can handle his partner. Tom finds Bret in his office waiting for him. Bret threatens to start talking to Delwood and Tom warns him off, saying he's found a way to pay off his mortgage. The gambler agrees to keep a low profile but insists on getting involved.
Later, the partners go over Delwood's offer and Bret says that Clause 29 could make them a fortune. Tom warns that he only has $5,000, but Bret suggests that he mortgage the ranch and use that to raise the $50,000, and then exercise Clause 29 and make $200,000. Bret suggests that they give Delwood a gift and Delwood will feel obliged to give them Clause 29 in return. When the gambler learns that Delwood plays polo, Bret figures that they can use Liberty.
Mary Lou comes to see Roosevelt, who is taking a bath in a rubber tub. She reports that she found the liberty horse at the Lazy Ace and says that they'll need the sheriff to deal with Bret.
Rodney and Cy bring the horse back to town, while Bret gives Tom the $50,000 and has him sign the papers confirming the money will only go into their mutual deal. Dowd, Roosevelt, Ferris, and Mary Lou ride up and explain that they need the liberty horse. Bret figures that Tom set the whole thing up as a con to distract him. Roosevelt has Dowd arrest Tom and Bret and throw them in jail.
Delwood receives the horse and wonders if Tom and Bret suspect anything. Swackmyer confirms that Maverick mortgaged the ranch for $50,000 and that he fell for Clause 29. Jessica arrives and learns what happened. Meanwhile, Running Wolf secretly watches the exchange.
As Cy and Rodney drive through town, Rodney tries to explain what's happening to the ranch foreman and why they're bringing the horse to Delwood. It doesn't go well. Meanwhile, Geronimo receives a report from Running Wolf, who then rides back into town.
In the jail, Bret insists that they can't give Liberty back to Roosevelt and mess up their deal. Tom threatens to ignore the rider and use Bret's $50,000 check to pay off the mortgage on the Red Ox. Jessica comes to see Tom, and Bret recognizes her as Dolly O'Hare, a con woman.
When Swackmyer tells Delwood that Tom is in jail, the investor is upset that they can't get Tom's check. He's unhappy that he can't get his chance at revenge on Bret for cleaning him out at poker 18 years ago, and realizes that they have to get Tom out of jail so they can get the check for $50,000 of Bret's money.
Bret asks Dolly to deliver the contract and rider for $1,000 on his behalf, but Tom offers her $5,000 to deliver his check first. However, when Bret points out that Tom is ready to give Dolly a check for $50,000, Tom realizes that it's a bad idea. That leaves them with Jessica having to convince Delwood to get rid of the horse so Dowd will release them from jail.
Mary Lou goes to see Roosevelt at his hotel room and informs him that he has a telegram from the President. Roosevelt knows that the President wants a progress report that he can't give him. When the Congressman proves despondent, Mary Lou tells him to get some backbone and negotiate the deal that Tom and Bret want for the horse. Inspired, Roosevelt marches out to handle the situation.
Rodney tells Cy that Tom and Bret are in jail and tries to explain what's going on. Jack comes over and tells them that one of the Apaches wants a word with them.
Roosevelt goes to the jail and Tom offers to tell him where the horse is if Roosevelt keeps Bret in jail until the next morning. Bret hints that Tom is working with Jessica and a jealous Mary Lou agrees. The gambler suggests that Roosevelt get both of them out and then he'll deliver the liberty horse. Roosevelt considers the matter and agrees.
Swackmyer is walking down the street when he sees Bret and the others leave the jail. He goes back to Delwood's office where Dolly is rehearsing how to get Delwood to return the horse. As Dolly goes to put on something more distracting, Swackmyer misses her and reports to Delwood that Tom and Bret are out of jail thanks to his bribes and going to the Red Ox. They leave for the Red Ox, unaware that Dolly has heard the entire conversation.
At the Red Ox, Bret rehearses his plan with Tom and the others. Cy tries to inform Bret that the Apache, Running Wolf, wants to see them, but Bret is too busy making plans. Delwood and Swackmyer arrive and Tom introduces Roosevelt as his partner, "Chauncy." Meanwhile, Bret goes to talk to Running Wolf. Delwood is surprised to see that Tom's partner isn't who he thought he would be. Roosevelt offers to put up the $50,000 in cash and Delwood quickly agrees. Tom goes into his office to get the contracts and finds Dolly waiting for him. She explains that Delwood is running a sting to get at Maverick and his $50,000 through Tom. When Tom wonders if he can believe her, Dolly offers to do anything he wants to convince her.
Before Tom can answer, Roosevelt calls him out and blames Tom for giving away Liberty, his horse. Delwood eagerly agrees to return it and sends Swackmyer to bring it back. However, he returns and reports that the horse has been stolen. As Roosevelt runs to get it, Bret stops him and explains that Running Wolf has been working for Geronimo the same way that Roosevelt has been working for the President. Running Wolf stole the horse to get it for Geronimo. Bret then snatches the papers away from Delwood, who angrily storms off. Once they're alone, Bret informs his partner that he had Running wolf steal the horse to panic Delwood into breaking the deal. Tom explains that Delwood already has the $50,000 and Bret goes to get it. Dolly comes in and takes Tom's arm, and they discuss how they slipped Delwood a phony check and Tom will use the check to pay off the mortgage. He offers to spend some time with her until the ceremony. However, Bret returns and takes his check, explaining that Tom overplayed his innocence.
At the signing statement the next day, Roosevelt oversees the signing of the treatment. Bret apologizes to Dolly for costing her Delwood, but she says a few days in Tucson with Tom should make it up for her. Tom figures he'd better help Mary Lou until Jack tells him that Roosevelt will be spending time with Mary Lou taking photos of the canyon. Geronimo accepts Liberty but then releases it as a gift to the land as Roosevelt stares in shock.