Charley Chase is trying to work up the nerve to go up in an airplane. Little babies do it and enjoy it. Old men do it and enjoy it. He can't do it. However, when Margaret Qumby shows up ont he field, he leans casually against a plane and pretends to be an intrepid aviator to impress her. He doesn't know it's her plane he's leaning against.
The world had gone Lindbergh-crazy, and Charley Chase figured he could do an aviation comedy; after all, Sennett had done them in 1912. For a title, he chose a play on the name of Lindbergh's account of his solo flight across the Atlantic, published as WE -- that's him and the plane. Charley has a lot of tricks and the movie is, typically for him, a lot of fun.