Bilbo: Well, no. [frowning]
Bilbo: …and yes. Now it comes to it, I don’t feel like parting with it. It’s mine, I found it. It came to me!
Gandalf: There’s no need to get angry.
Bilbo: Well, if I’m angry, it’s your fault.
[to himself] Bilbo: …it’s mine… my own… my precious…
Gandalf: Precious? It’s been called that before, but not by you.
Bilbo: Oh, what business is it of yours what I do with my own things?
Gandalf: I think you’ve had that ring quite long enough.
Bilbo: You want it for yourself!
Gandalf: BILBO BAGGINS! Do not take me for some conjuror of cheap tricks! I am not trying to rob you. I’m trying to help you.
Frodo: It’s a pity Bilbo didn’t kill him when he had the chance.
Gandalf: Pity? It was pity that stayed Bilbo’s hand. Many that live deserve death. Some that die deserve life. Can you give it to them, Frodo? Do not be too eager to deal out death in judgment. Even the very wise cannot see all ends. My heart tells me that Gollum has some part to play yet, for good or ill before this is over. The pity of Bilbo may rule the fate of many.
Frodo: I wish the ring had never come to me. I wish none of this had happened.
Gandalf: So do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given to us. There are other forces at work in this world Frodo, besides the will of evil. Bilbo was meant to find the Ring. In which case, you were also meant to have it. And that is an encouraging thought.