rth to the Enemy。 Yet it is a ring。 What then？ The Nine the Nazg。l keep。 The Seven are taken or destroyed。' At this Glóin stirred； but did not speak。 'The Three 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 has been 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 very summer； as it seems； did he learn the full truth。
'Some here will remember that many years ago I myself dared to pass the doors of the Necromancer in Dol Guldur； and secretly explored his ways； and found thus that our fears were true： he was none other than Sauron； our Enemy of old； at length taking shape and power again。 Some； too； will remember also that Saruman dissuaded us from open deeds against him； and for long we watched him only。 Yet at last； as his shadow grew； Saruman yielded； and the Council put forth its strength and drove the evil out of Mirkwood and that was in the very 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； and had long prepared against our stroke； governing Mordor from afar through Minas Mul； where his Nine servants dwelt； until all was ready。 Then he gave way before us； but only feigned to flee； and soon after came to the Dark Tower and openly declared himself。 Then for the last time the Council met； for now we learned that he was seeking ever more eagerly for the One。 We feared then that he had some news of it that we knew nothing of。 But Saruman said nay； and repeated what he had said to us before： that the One would never again be found in Middleearth。
' 〃At the worst；〃 said he； 〃our Enemy knows that we have it not and that it still is lost。 But what was lost may yet be found； he thinks。 Fear not！ His hope will cheat him。 Have I not earnestly studied this matter？ Into Anduin the Great it fell； and long ago； while Sauron slept； it was rolled down the River to the Sea。 There let it lie until the End。〃'
Gandalf fell silent； gazing eastward from the porch to the far peaks of the Misty Mountains； at whose great roots the peril of the world had so long lain hidden。 He sighed。
'There I was at fault；' he said。 'I was lulled by the words of Saruman the Wise； but I should have sought for the truth sooner； and our peril would now be less。'
'We were all at fault；' said Elrond； 'and but for your vigilance the Darkness； 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 how long he had possessed it。 So I set a watch for him； guessing that he would ere long e forth from his darkness to seek for his treasure。 He came； but he escaped and was not found。 And then alas！ I let the matter rest； watching and waiting only； as we have too often done。
'Time passed with many cares； until my doubts were awakened again to sudden fear。 Whence came the hobbit's ring？ What； if my fear was true； should be done with it？ Those things I must decide。 But I spoke yet of my dread to none； knowing the peril of an untimely whisper； if it went astray。 In all the long wars with the Dark Tower treason has ever been our greatest foe。
'That was seventeen years ago。 Soon I became aware that spies of many sorts； 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 I opened my heart to Aragorn； the heir of Isildur。'
'And I；' said Aragorn； 'counselled that we should hunt for Gollum。 too late though it may seem。 And since it seemed fit that Isildur's heir should labour to repair Isildur's fault； I went with Gandalf on the long and hopeless search。'
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 we never found him； and at last I despaired。 And then in my despair I thought again of a test that might make the finding of Gollum unneeded。 The ring itself might tell if it were the One。 The memory of words at the Council came back to me： words of Saruman； halfheeded at the time。 I heard them now clearly in my heart。
' 〃The Nine； the Seven； and the Three；〃 he said； 〃had each their proper gem。 Not so the One。 It was round and unadorned； as it were one of the lesser rings； but its maker set marks upon it that the skilled； maybe； could still see and read。〃
'What those marks were he had not said。 Who now would know？ The maker。 And Saruman？ But great though his lore may be； it must have a source。 What hand save Sauron's ever held this thing； ere it was lost？ The hand of Isildur alone。
'With that thought； I forsook the chase； and passed swiftly to Gondor。 In former days the members of my order had been well received there； but Saruman most of all。 Often he had been for long the guest of the Lords of the City。 Less wele did the Lord Dehor show me then than of old； and grudgingly he permitted me to search among his hoarded scrolls and books。
' 〃If indeed you look only； as you say； for records of ancient days； and the beginnings of the City； read on！ 〃 he said。 〃For to me what was is less dark than what is to e； and that is my care。 But unless you have more skill even than Saruman； who has studied here long； you will find naught that is not well known to me； who am master of the lore of this City。〃
'So said Dehor。 And yet there lie in his hoards many records that few now can read； even of the loremasters； for their scripts and tongues have bee dark to later men。 And Boromir； there lies in Minas Tirith still； unread； I guess； by any save Saruman and myself since the kings failed； a scroll that Isildur made himself。 For Isildur did not march away straight from the war in Mordor； as some have told the tale。'
'Some in the North； maybe；' Boromir broke in。 'All know in Gondor that he went first to Minas Anor and dwelt a while with his nephew Meneldil； instructing him； before he mitted to him the rule of the South Kingdom。 In that time he planted there the last sapling of the White Tree in memory of his brother。'
'But in that time also he made this scroll；' said Gandalf； 'and that is not remembered in Gondor； it would seem。 For this scroll concerns the Ring； and thus wrote Isildur therein：
The Great Ring shall go now to be an heirloom of the North Kingdom； but records of it shall be left in Gondor； where also dwell the heirs of Elendil； lest a time e when the memory of these great matters shall grow dim。
'And after these words Isildur described the Ring； such as he found it。
It was hot when I first took it； hot as a glede； and my hand was scorched； so that I doubt if ever again I shall be free of the pain of it。 Yet even as I write it is cooled； and it seemeth to shrink； though it loseth neither its beauty nor its shape。 Already the writing upon it； which at first was as clear as red flame； fadeth and is