Ollie Dee and Stanley Dum try to borrow money from their employer, the toymaker, to pay off the mortgage on Mother Peep's shoe and keep it and Little Bo Peep from the clutches of the evil Barnaby. When that fails, they trick Barnaby into marrying Stanley Dum instead of Bo Peep. Enraged, Barnaby unleashes the bogeymen from their caverns to destroy Toyland.
Did you know: The film is in the public domain, and has been distributed by many home video companies over the decades. An "official" version has been released (with the box title March of the Wooden Soldiers) in 2008 on DVD by MGM, now the ancillary rights holder (having inherited the film from the Samuel Goldwyn Company, the former owners of the picture), and, in a twist of irony, the original producing studio, making this one of the few pre-1986 MGM films that did not end up with Warner Bros./Turner Entertai