While eating breakfast, Spanky's father reads a newspaper article about treasures found at a nearby cave. This inspires Spanky to explore another nearby cave with the gang for more treasures. The cave is too dark so Spanky goes back home to get a flashlight. Spanky's foster mother catches him and she refuses to allow him to participate in that treasure hunt.
Confined to his room, Spanky falls asleep and in his dream argues with his "inner self", who advises him to disobey his foster mother and join the rest of the gang in their search for buried treasure. Though the kids miraculously unearth a fortune in gold and jewels, their triumph nearly turns to disaster when they encounter a surly giant (Tex Madsen). During the height of the trouble they've found, Spanky wakes up from his dream.