When a sly magician casts a spell so that he can buy Goldy, the last Golden Bear, Jesse runs away with her pet. Hiding deep in the heart of the forest, the youngster meets a 'Ghostman' who believes all animals should be free.

A young girl tries to protect her pet bear from a circus owner who wants to kidnap the animal and put it on exhibition at his circus.

Ned Rivers loses his ranch to the railroad and returns to prospecting. In the wild he meets and befriends Jessie who has been wandering in the mountains since her father died. They take care of an orphaned grizzly cub, Goldy, a "Golden Bear," whose mother has been killed by a circus owner looking for a new circus attraction. When the circus owner, Boss Cooperman, arrives Ned and Jessie try to save her with the help of new friends.