Squire Skimp has a new plan to swindle the people of Pine Ridge. However, Lum has something more important on his mind. He has to tell a young engaged couple on the verge of breaking up the story of how the Jot 'em Down store first started (through flashbacks). Based on characters from the popular "Lum and Abner" radio program of the time.

Princess Margaret is travelling incognito to elope with her true love instead of marrying the man her father has betrothed her to. On the high seas, her ship is attacked by pirates who know her identity and plan to kidnap her and hold her for a king's ransom.