At the beginning of this issue, Black Legion troopers are harassing citizens to pay "the new tax," which consists of any cash or valuables they have on them. One woman sneaks out through a door into a corridor, and starts to change her clothes. A man soon appears and they recognize each other. Each quickly realizes that the other is there for the same reason: she is Miss Fury, and he is the Green Lama. They suit up and return to the party to fight the goons.
Meanwhile, the Green Hornet, Kato, the Spider and the Shadow are still outside fighting a horde of troopers. They are eventually overwhelmed by the sheer number of opponents and are forced to distract them in order to retreat, hiding in a nearby building. Inside, they chat. The Shadow brings up the Spider’s identity as Richard Wentworth. The Green Hornet then reveals his identity. When asked about his true identity, the Shadow refers to himself merely as “the Shadow,” and they laugh.
In the local prison, troopers drag prisoners out of their cells and lead them outside to a guillotine. Rafael, the man wrongfully arrested for breaking “new vagrancy ordinances” in Masks #1, realizes that they are all about to be murdered. An officer responds, “It ain’t murder if it’s the law doing it, greaser.” A moment later, District Attorney Quinn hits the officer over the head and Rafael helps him fight the officers.
The four vigilantes are at the Spider’s home now, discussing their plans. The Shadow wants to get back out as soon as possible, stating that “every moment we delay gives our enemies the opportunity to tighten their grip on this city, on this state. We should be out there now, not in hiding.” They turn on the radio for information, and hear a propaganda broadcast from the Justice Party. The Spider notes that the party must have taken over all the free media in the city by now. The Shadow says that they should be out there fighting for justice, or no one will. The Spider disagrees, saying that “there must be others in the shadows, waiting for their moment to strike a blow against injustice.”