The Lone Stranger is sleeping when his faithful, if overly caricatured, Indian scout sees stagecoach driver Porky being robbed by a bad guy. The scout summons the Lone Stranger, who rides to the rescue. The bad guy goes after him (and, briefly, the narrator), but just in the nick of time, the Lone Stranger recovers and conquers the bad guy. Meanwhile, Silver and the villain's horse have been having their own close encounter, and Silver returns with several little colts.
The Nickelodeon version cuts the scene where the villain fires his gun at the Lone Stranger and misses, followed by the narrator getting shot after calling the villain a "plug shot".
The version shown on The Merrie Melodies Show on FOX cuts the part where The Lone Stranger talks to his Indian companion, Pronto, in the mirror.