McCrea, Scott and Kennedy are partners in a Texan ranch burned out by 'Cottrell's Raiders' (a snarling Jory standing in for Quantrill) during the Civil War. Kennedy joins the Confederate army, while McCrea and Scott - balking at army discipline - are recruited by a saloon girl (Smith) for a profitable venture running munitions from Mexico through the Union blockades. Disillusioned by Scott's increasingly murderous lust for money, McCrea opts out and turns to drink after his girl (Malone) falls for Kennedy. When the war ends, Scott decides to consolidate his position by eliminating Kennedy, now a Texas Ranger; and McCrea is persuaded by Smith, who loves him, to retrieve his self-respect by helping Kennedy. Plenty of action, plus personable performances (McCrea especially); but the characters are so thin, the situations so contrived, and the dialogue so unfocused that one couldn't care less who does what to whom.