Monogram Studios is one of the co-called "poverty row studios"--one of several very low budget studios of the 1930s and 40s. Often, to save money, these studios leased studio space from the larger studios at night and the films were generally B-films. Probably one of the biggest studios on poverty row was Monogram--the people whose hottest property in the 40s were the Charlie Chan films. They also made a lot of lesser Westerns--as the bigger stars of these series films (Gene Autry and Roy Rogers) were with rival Republic Studios.
Starting in 1946, Monogram branched out to make the Cisco Kid series and this is the third of seven. It's a particularly weak and stupid film in the series for many reasons. The film begins with Cisco and his men looking at a ship supposedly along shore--but the footage you see is of a clipper well out to see! Nice use of stock footage, huh?! The film then has an idea that is just brainless! A young "Frenchman" is escorting money by stagecoach. The problem is that the big surprise about the actual identity of this person is ridiculous. It seems that HE is actually a SHE and it is obvious to EVERYONE but the people in this film! She simply looked nothing like a man...nothing! Now the fact that he/she has no French accent but uses very poorly spoken French now and again is bad, but hardly noticeable considering the serious gender problem. Basing the film on a gimmick this ludicrous is a serious problem, indeed!! Naturally, given that the Cisco Kid is a horny and debonair hero, he naturally falls for this lady. Having him fall for her as a guy would have been a lot more interesting, but they chose not to go there! Too bad, as it might have helped the film significantly--it sure needed something!
Aside from the very weak main plot point, the rest of the film is a very standard B series Western. Nothing outstanding to make up for the general stupidity of the Frenchman gimmick and in addition, the dialog is often rather silly. As such, it's quite easy to skip unless you are a huge fan of the genre.
By the way, there must have been some copyright issue with these films or they changed the plot after it was originally shot. Many times when they refer to the Cisco Kid, the words are obviously re-dubbed by a third party! It's very noticeable some times.