Of this Ring something may be said here. It was believed by the Dwarves of Durin’s Folk to be the first of the Seven that was forged; and they say that it was given to the King of Khazad-dûm, Durin III, by the Elven-smiths themselves and not by Sauron, though doubtless his evil power was on it, since he had aided in the forging of all the Seven. But the possessors of the Ring did not display it or speak of it, and they seldom surrendered it until near death, so that others did not know for certain where it was bestowed. Some thought that it had remained in Khazad-dûm, in the secret tombs of the kings, if they had not been discovered and plundered; but among the kindred of Durin’s Heir it was believed (wrongly) that Thrór had worn it when he rashly returned there. What then had become of it they did not know. It was not found on the body of Azog. 3
None the less it may well be, as the Dwarves now believe, that Sauron by his arts had discovered who had this Ring, the last to remain free, and that the singular misfortunes of the heirs of Durin were largely due to his malice. For the Dwarves had proved untameable by this means. The only power over them that the Rings wielded was to inflame their hearts with a greed of gold and precious things, so that if they lacked them all other good things seemed profitless, and they were filled with wrath and desire for vengeance on all who deprived them. But they were made from their begin ning of a kind to resist most steadfastly any domination. Though they could be slain or broken, they could not be reduced to shadows enslaved to another will; and for the same reason their lives were not affected by any Ring, to live either longer or shorter because of it. All the more did Sauron hate the possessors and desire to dispossess them.
It was therefore perhaps partly by the malice of the Ring that Thráin after some years became restless and discontented. The lust for gold was ever in his mind. At last, when he could endure it no longer, he turned his thoughts to Erebor, and resolved to go back there. He said nothing to Thorin of what was in his heart; but with Balin and Dwalin and a few others, he arose and said farewell and departed.
Little is known of what happened to him afterwards. It would now seem that as soon as he was abroad with few companions he was hunted by the emissaries of Sauron. Wolves pursued him, Orcs waylaid him, evil birds shadowed his path, and the more he strove to go north the more misfortunes opposed him. There came a dark night when he and his companions were wandering in the land beyond Anduin, and they were driven by a black rain to take shelter under the eaves of Mirkwood. In the morning he was gone from the camp, and his companions called him in vain. They searched for him many days, until at last giving up hope they departed and came at length back to Thorin. Only long after was it learned that Thráin had been taken alive and brought to the pits of Dol Guldur. There he was tormented and the Ring taken from him, and there at last he died.
So Thorin Oakenshield became the Heir of Durin, but an heir without hope. When Thráin was lost he was ninety-five, a great dwarf of proud bearing; but he seemed content to remain in Eriador. There he laboured long, and trafficked, and gained such wealth as he could; and his people were increased by many of the wandering Folk of Durin who heard of his dwelling in the west and came to him. Now they had fair halls in the mountains, and store of goods, and their days did not seem so hard, though in their songs they spoke ever of the Lonely Mountain far away.
The years lengthened. The embers in the heart of Thorin grew hot again, as he brooded on the wrongs of his House and the vengeance upon the Dragon that he had inherited. He thought of weapons and armies and alliances, as his great hammer rang in his forge; but the armies were dispersed and the alliances broken and the axes of his people were few; and a great anger without hope burned him as he smote the red iron on the anvil.
But at last there came about by chance a meeting between Gandalf and Thorin that changed all the fortunes of the House of Durin, and led to other and greater ends beside. On a time 1 Thorin, returning west from a journey, stayed at Bree for the night. There Gandalf was also. He was on his way to the Shire, which he had not visited for some twenty years. He was weary, and thought to rest there for a while.
Among many cares he was troubled in mind by the perilous state of the North; because he knew then already that Sauron was plotting war, and intended, as soon as he felt strong enough, to attack Rivendell. But to resist any attempt from the East to regain the lands of Angmar and the northern passes in the mountains there were now only the Dwarves of the Iron Hills. And beyond them lay the desolation of the Dragon. The Dragon Sauron might use with terrible effect. How then could the end of Smaug be achieved?