The miserly super villain Ebenezer Scrooge is back to wreak havoc on Gumbyland! He's stolen a magical bag of wind from King Ott's wizard, and he's using it to blow all the toys in Toyland away to another plane of existence, I guess. Then, he will rid the world of toys, and have his revenge. Cad Waliter tells Gumby about the theft, and it's up to Gumby to stand around and wait for the wind to stop so he can apprehend the blithering old idiot. The cartoon ends with Scrooge playing with a train.