Ollie Dee and Stanley Dum try to borrow money from their employer; the toymaker; to pay off the mortgage on Mother Peep's shoe and keep it and Little Bo Peep from the clutches of the evil Barnaby. When that fails; they trick Barnaby into marrying Stanley Dum instead of Bo Peep. Enraged; Barnaby unleashes the bogeymen from their caverns to destroy Toyland.
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