‘If I am it is your fault,’ said Bilbo. ‘It is mine, I tell you. My own. My Precious. Yes, my Precious.’
The wizard’s face remained grave and attentive, and only a flicker in his deep eyes showed that he was startled and indeed alarmed. ‘It has been called that before,’ he said, ‘but not by you.’
‘But I say it now. And why not? Even if Gollum said the same once. It’s not his now, but mine. And I shall keep it, I say.’
Gandalf stood up. He spoke sternly. ‘You will be a fool if you do, Bilbo,’ he said. ‘You make that clearer with every word you say. It has got far too much hold on you. Let it go! And then you can go yourself, and be free.’
‘I’ll do as I choose and go as I please,’ said Bilbo obstinately.
‘Now, now, my dear hobbit!’ said Gandalf. ‘All your long life we have been friends, and you owe me something. Come! Do as you promised: give it up!’
‘Well, if you want my ring yourself, say so!’ cried Bilbo. ‘But you won’t get it. I won’t give my Precious away, I tell you.’ His hand strayed to the hilt of his small sword.
Gandalf’s eyes flashed. ‘It will be my turn to get angry soon,’ he said. ‘If you say that again, I shall. Then you will see Gandalf the Grey uncloaked.’ He took a step towards the hobbit, and he seemed to grow tall and menacing; his shadow filled the little room.
Bilbo backed away to the wall, breathing hard, his hand clutching at his pocket. They stood for a while facing one another, and the air of the room tingled. Gandalf’s eyes remained bent on the hobbit. Slowly his hands relaxed, and he began to tremble.
‘I don’t know what has come over you, Gandalf,’ he said. ‘You have never been like this before. What is it all about? It is mine isn’t it? I found it, and Gollum would have killed me, if I hadn’t kept it. I’m not a thief, whatever he said.’
‘I have never called you one,’ Gandalf answered. ‘And I am not one either. I am not trying to rob you, but to help you. I wish you would trust me, as you used.’ He turned away, and the shadow passed. He seemed to dwindle again to an old grey man, bent and troubled.
Bilbo drew his hand over his eyes. ‘I am sorry,’ he said. ‘But I felt so queer. And yet it would be a relief in a way not to be bothered with it any more. It has been so growing on my mind lately. Sometimes I have felt it was like an eye looking at me. And I am always wanting to put it on and disappear, don’t you know; or wondering if it is safe, and pulling it out to make sure. I tried locking it up, but I found I couldn’t rest without it in my pocket. I don’t know why. And I don’t seem able to make up my mind.’
‘Then trust mine,’ said Gandalf. ‘It is quite made up. Go away and leave it behind. Stop possessing it. Give it to Frodo, and I will look after him.’
Bilbo stood for a moment tense and undecided. Presently he sighed. ‘All right,’ he said with an effort. ‘I will.’ Then he shrugged his shoulders, and smiled rather ruefully. ‘After all that’s what this party business was all about, really: to give away lots of birthday-presents, and somehow make it easier to give it away at the same time. It hasn’t made it any easier in the end, but it would be a pity to waste all my preparations. It would quite spoil the joke.’
‘Indeed it would take away the only point I ever saw in the affair,’ said Gandalf.
‘Very well,’ said Bilbo, ‘it goes to Frodo with all the rest.’ He drew a deep breath. ‘And now I really must be starting, or somebody else will catch me. I have said good-bye, and I couldn’t bear to do it all over again.’ He picked up his bag and moved to the door.
‘You have still got the ring in your pocket,’ said the wizard.
‘Well, so I have!’ cried Bilbo. ‘And my will and all the other documents too. You had better take it and deliver it for me. That will be safest.’
‘No, don’t give the ring to me,’ said Gandalf. ‘Put it on the mantelpiece. It will be safe enough there, till Frodo comes. I shall wait for him.’
Bilbo took out the envelope, but just as he was about to set it by the clock, his hand jerked back, and the packet fell on the floor. Before he could pick it up, the wizard stooped and seized it and set it in its place. A spasm of anger passed swiftly over the hobbit’s face again. Suddenly it gave way to a look of relief and a laugh.
‘Well, that’s that,’ he said. ‘Now I’m off!’
They went out into the hall. Bilbo chose his favourite stick from the stand; then he whistled. Three dwarves came out of different rooms where they had been busy.