This 13 chapter serial is based on the comic strip character Ace Drummond created by Eddie Rickenbacker. Ace is a 'G-Man of the sky' working out of Washington D.C. He is sent to Mongolia to find out why a mysterious villain known only as 'The Dragon' is trying to prevent the newly formed International Airways from setting up an airport there. Ace meets Peggy Trainor (Jean Rogers) who is searching for her archaeologist father who has disappeared. Together they search for answers to the puzzles.
Jesse James returns to Missouri, and he and brother Frank come to the aid of a young woman who owns a gold mine. Her father was murdered and she took over the mine, and now the villains who killed her father are trying to drive her out of the mine so they can take it over.
The obsessive scientist Dr. Miller is working on a matter-transmitter invention called the Paratron; a conspiratorial team of spies and no-goods pursue him to Alaska, trying to steal the device.
During the latter stages of the Civil War, a gang of supposed Confederates, headed by Alex Morel (Lionel Atwill), raid all gold shipments destined for Washington from Oro Grande, California. Can they be brought to justice?
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