In the 17th century, the notorious pirate Captain Morgan is pardoned and made the new governor of Jamaica, in return for which he is to rid the Caribbean of pirates and maintain the peace between England and Spain. But a traitor in his midst is passing on information to pirate Billy Leech of galleons carrying gold.

The following statement regarding the story appears after the opening credits: 'This is a story of the Spanish Main - - when Villainy wore a Sash, and the only political creed in the world was - - - Love, Gold, and Adventure.'