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at Glóin – ‘I ask them to forget it and forgive me。 I only wished toclaim the treasure as my very own in those days； and to be rid of the name ofthief that was put on me。 But perhaps I understand things a little better now。
Anyway； this is what happened。'
To some there Bilbo's tale was wholly new； and they listened withamazement while the old hobbit； actually not at all displeased； recounted hisadventure with Gollum； at full length。 He did not omit a single riddle。 Hewould have given also an account of his party and disappearance from theShire； if he had been allowed； but Elrond raised his hand。
'Well told； my friend；' he said； ‘but that is enough at this time。 Forthe moment it suffices to know that the Ring passed to Frodo； your heir。 Lethim now speak！'
Then； less willingly than Bilbo； Frodo told of all his dealings with theRing from the day that it passed into his keeping。 Every step of his journeyfrom Hobbiton to the Ford of Bruinen was questioned and considered； andeverything that he could recall concerning the Black Riders was examined。 Atlast he sat down again。
‘Not bad；' Bilbo said to him。 ‘You would have made a good story of it； ifthey hadn't kept on interrupting。 I tried to make a few notes； but we shallhave to go over it all again together some time； if I am to write it up。 Thereare whole chapters of stuff before you ever got here！'
‘Yes； it made quite a long tale；' answered Frodo。 'But the story stilldoes not seem plete to me。 I still want to know a good deal； especiallyabout Gandalf。'
Galdor of the Havens； who sat near by； overheard him。 ‘You speak for mealso；' he cried； and turning to Elrond he said： ‘The Wise may have good reasonto believe that the halfling's trove is indeed the Great Ring of long debate；
unlikely though that may seem to those who know less。 But may we not hear theproofs？ And I would ask this also。 What of Saruman？ He is learned in the loreof the Rings； yet he is not among us。 What is his counsel…if he knows thethings that we have heard？'
‘The questions that you ask； Galdor； are bound together；' said Elrond。 ‘Ihad not overlooked them； and they shall be answered。 But these things it isthe part of Gandalf to make clear； and I call upon him last； for it is theplace of honour； and in all this matter he has been the chief。'
‘Some； Galdor；' said Gandalf； ‘would think the tidings of Glóin； and thepursuit of Frodo； proof enough that the halfling's trove is a thing of greatworth to the Enemy。 Yet it is a ring。 What then？ The Nine the Nazg。l keep。 TheSeven are taken or destroyed。' At this Glóin stirred； but did not speak。 ‘TheThree we know of。 What then is this one that he desires so much？
'There is indeed a wide waste of time between the River and the Mountain；
between the loss and the finding。 But the gap in the knowledge of the Wise hasbeen filled at last。 Yet too slowly。 For the Enemy has been close behind；
closer even than I feared。 And well is it that not until this year； this verysummer； as it seems； did he learn the full truth。
'Some here will remember that many years ago I myself dared to pass thedoors of the Necromancer in Dol Guldur； and secretly explored his ways； andfound thus that our fears were true： he was none other than Sauron； our Enemyof old； at length taking shape and power again。 Some； too； will remember alsothat Saruman dissuaded us from open deeds against him； and for long we watchedhim only。 Yet at last； as his shadow grew； Saruman yielded； and the Councilput forth its strength and drove the evil out of Mirkwood and that was in thevery year of the finding of this Ring： a strange chance； if chance it was。
‘But we were too late； as Elrond foresaw。 Sauron also had watched us； andhad long prepared against our stroke； governing Mordor from afar through MinasMorgul； where his Nine servants dwelt； until all was ready。 Then he gave waybefore us； but only feigned to flee； and soon after came to the Dark Tower andopenly declared himself。 Then for the last time the Council met； for now welearned that he was seeking ever more eagerly for the One。 We feared then thathe had some news of it that we knew nothing of。 But Saruman said nay； andrepeated what he had said to us before： that the One would never again befound in Middle…earth。
‘ 〃At the worst；〃 said he； 〃our Enemy knows that we have it not and thatit still is lost。 But what was lost may yet be found； he thinks。 Fear not！ Hishope will cheat him。 Have I not earnestly studied this matter？ Into Anduin theGreat it fell； and long ago； while Sauron slept； it was rolled down the Riverto the Sea。 There let it lie until the End。〃'
Gandalf fell silent； gazing eastward from the porch to the far peaks ofthe Misty Mountains； at whose great roots the peril of the world had so longlain hidden。 He sighed。
‘There I was at fault；' he said。 ‘I was lulled by the words of Sarumanthe Wise； but I should have sought for the truth sooner； and our peril wouldnow be less。'
‘We were all at fault；' said Elrond； ‘and but for your vigilance theDarkness； maybe； would already be upon us。 But say on！'
‘From the first my heart misgave me； against all reason that I knew；'
said Gandalf； ‘and I desired to know how this thing came to Gollum； and howlong he had possessed it。 So I set a watch for him； guessing that he would erelong e forth from his darkness to seek for his treasure。 He came； but heescaped and was not found。 And then alas！ I let the matter rest； watching andwaiting only； as we have too often done。
‘Time passed with many cares； until my doubts were awakened again tosudden fear。 Whence came the hobbit's ring？ What； if my fear was true； shouldbe done with it？ Those things I must decide。 But I spoke yet of my dread tonone； knowing the peril of an untimely whisper； if it went astray。 In all thelong wars with the Dark Tower treason has ever been our greatest foe。
'That was seventeen years ago。 Soon I became aware that spies of manysorts； even beasts and birds； were gathered round the Shire； and my fear grew。
I called for the help of the Dúnedain； and their watch was doubled； and Iopened my heart to Aragorn； the heir of Isildur。'
‘And I；' said Aragorn； ‘counselled that we should hunt for Gollum。 toolate though it may seem。 And since it seemed fit that Isildur's heir shouldlabour to repair Isildur's fault； I went with Gandalf on the long and hopelesssearch。'
Then Gandalf told how they had explored the whole length of Wilderland；
down even to the Mountains of Shadow and the fences of Mordor。 ‘There we had
rumour of him； and we guess that he dwelt there long in the dark hills； but wenever found him； and at last I despaired。 And then in my despair I thoughtagain of a test that might make the finding of Gollum unneeded。 The ringitself might tell if it were the One。 The memory of words at the Council cameback to me： words of Saruman； half…heeded at the time。 I heard them nowclearly in my heart。
‘ 〃The Nine； the Seven； and the Three；〃 he said； 〃had each their propergem。 Not so the One。 It was round and unadorned； as it were one of the lesserrings； but its maker set marks upon it that the skilled； maybe； could stillsee and read。〃
‘What those marks were he had not said。 Who now would know？ The maker。