In Europe at a time when men of the aristocracy wear powdered wigs and Leonardo da Vinci has figured out man can fly, Jemmy lives on the street with his sister Molly. He makes a living by catching rats and selling them to Blind George, who can see out of one eye. Horace is a prince and heir to the throne, and he apparently does not have to live by any rules. Because he is bored and he believes his parents ignore him, he goes through the town creating havoc and never gets punished.
Well, that's not entirely true. If his parents believe Horace needs to be punished, a 'Whipping Boy' will take the spankings. Jemmy is chosen for that duty. Meanwhile, his sister is put in a sort of prison and Jemmy wants to get her out.
Despite the fact that he is to take over the throne someday, Horace refuses to learn anything from his tutor, who discovers that Jemmy is more educated than the prince and also eager to learn more. When Jemmy's mother was still alive, she valued education.
Because they are both unhappy, Jemmy and Horace eventually run away and have a series of adventures. Meanwhile, there is a dispute between the kingdom where Horace lives and a neighboring country, and the boys' disappearance doesn't help matters.
Cutwater and Hold-Your-Nose-Billy are among the funnier villains in this movie. There is also a dancing bear named Petunia, who is cared for by a gypsy girl named Betsy who becomes the boys' friend.
This is a funny family movie with good performances by many of the leading actors, especially the adults. There is little here to concern parents. Cutwater and Billy are a little scary but not really anything to be worried about. If you don't like 'Fear Factor', you may be bothered by some scenes with rats.
Overall, this was a fun adventure.
