'How long have you known all this？' asked Frodo again。
'Known？' said Gandalf。 'I have known much that only the Wise know； Frodo。
But if you mean 〃known about _this_ ring〃； well； I still do not _know；_onemight say。 There is a last test to make。 But I no longer doubt my guess。
'When did I first begin to guess？' he mused； searching back in memory。
'Let me see – it was in the year that the White Council drove the dark powerfrom Mirkwood； just before the Battle of Five Armies； that Bilbo found hisring。 A shadow fell on my heart then； though I did not know yet what I feared。
I wondered often how Gollum came by a Great Ring； as plainly it was – that atleast was clear from the first。 Then I heard Bilbo's strange story of how hehad 〃won〃 it； and I could not believe it。 When I at last got the truth out ofhim； I saw at once that he had been trying to put his claim to the ring beyonddoubt。 Much like Gollum with his 〃birthday present〃。 The lies were too muchalike for my fort。 Clearly the ring had an unwholesome power that set towork on its keeper at once。 That was the first real warning I had that all wasnot well。 I told Bilbo often that such rings were better left unused； but heresented it； and soon got angry。 There was little else that I could do。 I
could not take it from him without doing greater harm； and I had no right todo so anyway。 I could only watch and wait。 I might perhaps have consultedSaruman the White； but something always held me back。'
'Who is he？' asked Frodo。 I have never heard of him before。'
'Maybe not；' answered Gandalf。 'Hobbits are； or were； no concern of his。
Yet he is great among the Wise。 He is the chief of my order and the head ofthe Council。 His knowledge is deep； but his pride has grown with it； and hetakes ill any meddling。 The lore of the Elven…rings； great and small； is hisprovince。 He has long studied it； seeking the lost secrets of their making；
but when the Rings were debated in the Council； all that he would reveal to usof his ring…lore told against my fears。 So my doubt slept – but uneasily。
Still I watched and I waited。
'And all seemed well with Bilbo。 And the years passed。 Yes； they passed；
and they seemed not to touch him。 He showed no signs of age。 The shadow fellon me again。 But I said to myself： 〃After all he es of a long…lived familyon his mother's side。 There is time yet。 Wait！〃
'And I waited。 Until that night when he left this house。 He said and didthings then that filled me with a fear that no words of Saruman could allay。 Iknew at last that something dark and deadly was at work。 And I have spent mostof the years since then in finding out the truth of it。'
'There wasn't any permanent harm done； was there？' asked Frodo anxiously。
'He would get all right in time； wouldn't he？ Be able to rest in peace； Imean？'
'He felt better at once；' said Gandalf。 'But there is only one Power inthis world that knows all about the Rings and their effects； and as far as Iknow there is no Power in the world that knows all about hobbits。 Among theWise I am the only one that goes in for hobbit…lore： an obscure branch ofknowledge； but full of surprises。 Soft as butter they can be； and yetsometimes as tough as old tree…roots。 I think it likely that some would resistthe Rings far longer than most of the Wise would believe。 I don't think youneed worry about Bilbo。
'Of course； he possessed the ring for many years； and used it； so itmight take a long while for the influence to wear off – before it was safe forhim to see it again； for instance。 Otherwise； he might live on for years；
quite happily： just stop as he was when he parted with it。 For he gave it upin the end of his own accord： an important point。 No； I was not troubled aboutdear Bilbo any more； once he had let the thing go。 It is for _you_ that I feelresponsible。
'Ever since Bilbo left I have been deeply concerned about you； and aboutall these charming； absurd； helpless hobbits。 It would be a grievous blow tothe world； if the Dark Power overcame the Shire； if all your kind； jolly；
stupid Bolgers； Hornblowers； Boffins； Bracegirdles； and the rest； not tomention the ridiculous Bagginses； became enslaved。'
Frodo shuddered。 'But why should we be？' he asked。 'And why should hewant such slaves？'
'To tell you the truth；' replied Gandalf； 'I believe that hitherto –
_hitherto；_mark you – he has entirely overlooked the existence of hobbits。 Youshould be thankful。 But your safety has passed。 He does not need you – he hasmany more useful servants – but he won't forget you again。 And hobbits asmiserable slaves would please him far more than hobbits happy and free。 Thereis such a thing as malice and revenge。'
'Revenge？' said Frodo。 'Revenge for what？ I still don't understand whatall this has to do with Bilbo and myself； and our ring。'
'It has everything to do with it；' said Gandalf。 'You do not know thereal peril yet； but you shall。 I was not sure of it myself when I was lasthere； but the time has e to speak。 Give me the ring for a moment。'
Frodo took it from his breeches…pocket； where it was clasped to a chainthat hung from his belt。 He unfastened it and handed it slowly to the wizard。
It felt suddenly very heavy； as if either it or Frodo himself was in some way
reluctant for Gandalf to touch it。
Gandalf held it up。 It looked to be made of pure and solid gold。 'Can yousee any markings on it？' he asked。
'No；' said Frodo。 'There are none。 It is quite plain； and it never showsa scratch or sign of wear。'
'Well then； look！' To Frodo's astonishment and distress the wizard threwit suddenly into the middle of a glowing corner of the fire。 Frodo gave a cryand groped for the tongs； but Gandalf held him back。
'Wait！' he said in a manding voice； giving Frodo a quick look fromunder his bristling brows。
No apparent change came over the ring。 After a while Gandalf got up；
closed the shutters outside the window； and drew the curtains。 The room becamedark and silent； though the clack of Sam's shears； now nearer to the windows；
could still be heard faintly from the garden。 For a moment the wizard stoodlooking at the fire； then he stooped and removed the ring to the hearth withthe tongs； and at once picked it up。 Frodo gasped。
It is quite cool；' said Gandalf。 'Take it！' Frodo received it on hisshrinking palm： it seemed to have bee thicker and heavier than ever。
'Hold it up！' said Gandalf。 'And look closely！'
As Frodo did so； he now saw fine lines； finer than the finest pen…
strokes； running along the ring； outside and inside： lines of fire that seemedto form the letters of a flowing script。 They shone piercingly bright； and yetremote； as if out of a great depth。
'I cannot read the fiery letters；' said Frodo in a quavering voice。
'No；' said Gandalf； 'but I can。 The letters are Elvish； of an ancientmode； but the language is that of Mordor； which I will not utter here。 Butthis in the mon Tongue is what is said； close enough：
_One Ring to rule them all； One Ring to find them；
One Ring to bring them all and in the darkness bind them。_
It is only two lines of a verse long known in Elven…lore：
_Three Rings for the Elven…kings under the sky；
Seven for the Dwarf…lords in their halls of stone；
Nine for Mortal Men doomed to die；
One for the Dark Lord on his dark throne
In the Land of Mordor where the Shadows lie。
One Ring to rule them all。 One Ring to find them；
One Ring to bring them all and in the darkness bind themIn the Land of Mordor where the Shadows lie。'_
He paused； and then said slowly in a deep voice： 'This is the Master…
ring； the One Ring to rule them all。 This is the One Ring that he lost manyages ago； to the great weakening of his power。 He greatly desires it – but hemust _not_ get it。'
Frodo sat silent and motionless。 Fear seemed to stretch out a vast hand；
like a dark cloud rising in the East and looming up to engulf him。 'Thisring！' he stammered。 'How； how on earth did it e to me？'
'Ah！' said Gandalf。 'That is a very long story。 The beginnings lie backin the Black Years； which only the lore…masters now remember。 If I were totell you all that tale； we should still be sitting here when Spring had passedinto Winter。
'But last night I told you of Sauron the Great； the Dark Lord。 Therumours that you have heard are true： he has indeed arisen again and left hishold in Mirkwood and returned to his ancient fastness in the Dark Tower of
Mordor。 That name even you hobbits have heard of； like a shadow on the bordersof old stories。 Always after a defeat and a respite； the Shadow takes another
shape and grows again。'
'I wish it need not have happened in my time；' said Frodo。
'So do I；' said Gandalf； 'and so do all who live to see such times。 Butthat is not for them to decide。 All we have to decide is what to do with the
time that is given； us。 And already； Frodo； our time is beginning to lookblack。 The Enemy is fast being very strong。 His plans are far from ripe； Ithink； but they are ripening。 We shall be hard put to it。 We should be veryhard put to it； even if it were not for this dreadful chance。
'The Enemy still lacks one thing to give him strength and knowledge tobeat down all resistance； break the last defences； and cover all the lands ina second darkness。 He lacks the One Ring。
'The Three； fairest of all； the Elf…lords hid from him； and his handnever touched them or sullied them。 Seven the Dwarf…kings possessed； but threehe has recovered； and the others the dragons have consumed。 Nine he gave toMortal Men； proud and great； and so ensnared them。 Long ago they fell underthe dominion of the One； and they became Ringwraiths； shadows under his greatShadow； his most terrible servants。 Long ago。 It is many a year since the Ninewalked abroad。 Yet who knows？ As the Shadow grows once more； they too may walkagain。 But e！ We will not speak of such things even in the morning of theShire。
'So it is now： the Nine he has gathered to himself； the Seven also； orelse they are destroyed。 The Three are hidden still。 But that no longertroubles him。 He only needs the One； for he made that Ring himself； it is his；
and he let a great part of his own former power pass into it； so that he couldrule all the others。 If he recovers it； then he will mand them all again；
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