- Eddie Haskell convinces Beaver that the "library police" will soon come to arrest Ward after Beaver ignores the late notices for a lost library book he checked out with his father's library card.
- Beaver's school assignment is to write a book report on the book of his choice. After Ward suggests "Treasure Island" as an appropriate book, Ward lends Beaver his library card so that he can check it out of the library. Beaver finds out that the book has a one-week loan period, with a five-cent fine for each day the book is overdue. Beaver ends up writing a condensed book report, because after reading thirty pages of the book, he loses it. Thinking the book will eventually show up, Beaver isn't too concerned, even about the accumulating fines - which have now reached $1 - the notices for which he just stores away in his clothes drawer. Beaver does become concerned when Eddie tells him that the library will soon send the police around and put Ward in jail. With the book still missing, Beaver has to figure out how to keep his father out of jail.—Huggo
- Wally Cleaver (Tony Dow) and Ward Cleaver (Hugh Beaumont) arrive home to find June Cleaver (Barbara Billingsley) cooking old-fashioned pot roast for dinner. Ward is slightly disturbed to discover that it is from a frozen food package. June tells Ward that the Beaver (Jerry Mathers) is in the den, picking out a book to read for school.
Ward tells Beaver that his choice, "Conquest of Mexico" by William Prescott isn't appropriate for fourth-graders. He suggests Treasure Island and gives the Beaver his library card so that he can check the book out the next day. Ward warns Beaver to be careful to not lose the library card. Wally asks to borrow the dictionary, so that he can look up the word "archipelago."
Beaver and Larry Mondello (Robert Stevens) go to the library after school. Beaver finds Treasure Island. Larry thinks it looks like a scary book. Larry tells Beaver that he is reading Call of the Wild, which is not scary. Beaver wonders how a dog could write a book. The librarian (Claudia Bryar) tells Beaver the book is due in one week, and the fine is five cents per day overdue. Beaver tells her that he will read fast.
Ward and June wonder why the boys are so quiet. June tells Ward that the boys are doing homework upstairs. June remarks that the Beaver read Treasure Island in four days. Ward says when he was a boy, he read three or four books a week. June compares Ward to Abraham Lincoln.
Beaver reads his book report to Wally. Wally says the book report is crummy. Beaver confesses that he lost the library book. Wally tells Beaver to not mess with the city, because the city has to maintain law and order and the only way to do that is by kicking other people around. Beaver tells Wally not to worry.
Eddie Haskell (Ken Osmond) finds a letter from the library hidden among the Beaver's things. Eddie tells Wally. Wally tells the Beaver to take care of the problem. Beaver tells Wally not to worry. While Wally is out of the room, Eddie tells Beaver that he's in a mess, and that a library cop will come to throw him in jail. Beaver tells Eddie that he used Ward's library card. Eddie warns Beaver that Ward will go to jail. Wally returns. Eddie, covering his tracks, tells Wally that the Beaver is getting to be a good looking kid. Eddie and Wally leave. Larry consoles Beaver.
The next day, Beaver comes home from school. He finds June sitting in the kitchen, waiting on a chicken in the oven. Beaver says he will never let a chicken boss him around. Beaver asks if anyone came looking for Dad. June tells him no. Beaver asks June what she would do if Dad didn't come home. June says she would keep supper warm. Beaver asks June what she would do if Dad didn't come home for a couple of weeks. June says it would be upsetting. Beaver goes to Larry's. Wally and Eddie come home. Eddie slams the door. June admonishes Wally for slamming the door.
Beaver and Larry go to the library. Beaver asks to speak to Mr. Hayden. The librarian suggests that Beaver speak to Mr. Davenport (Theodore Newton) because the Haydens of the Hayden Memorial Library are deceased. Beaver goes into Mr. Davenport's office and explains to Mr. Davenport that he lost the library book, and that he should be the one to go to jail. Mr. Davenport asks why he thinks he has to go to jail. Beaver tells him that a guy told him that he would have to go. Mr. Davenport says that guys say a lot of things that aren't true. Mr. Davenport tells the Beaver that his conscience is bothering him, and that he should tell his father that he lost the book. Beaver agrees.
Beaver rehearses his lost book speech with Wally. Wally says it isn't spontaneous. Beaver tries to change into pajamas. Wally tells him to forget the pajamas. Beaver goes to the den to talk to Ward.
Beaver tells Ward that he lost the library book and that he can take the money out of his "generous allowance." Ward tells Beaver he already knows about the book because Mr. Davenport called him. Ward explains that he can't go through life lying about problems in hopes that they will go away. Beaver agrees that lying is more trouble than not telling the truth in the first place.
A few days later, Wally practices posing in front of the mirror for upcoming basketball team photos. Beaver tells Wally that he found Treasure Island in Larry Mondello's locker, and that he returned it to the library. Wally asks how Beaver paid the fine. Beaver tells Wally that he used the two silver dollars given to him by Uncle Billy.
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