Sach and Duke set out to expose a stage hypnotist as a phony. In order to do so, Sach allows himself to be hypnotized and "regressed" to a past life--which he discovers was as a tax collector who gets a map of buried treasure from Blackbeard the Pirate. The hypnotist gets Sach to reveal the location of the map and the treasure, planning to lock up the boys and get the treasure for himself.