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With a fond farewell, Isildur took his leave and gathered the remnant of his army, and turned his host westward. Then down the Burning Mountain, its fires now quenched for a time, came Elrond alone and met with Galadriel and Celeborn, Cirdan and the chiefs of the sea-elves, and all other leaders of the Elder Race gathered there.
Then said Galadriel: "Is it done?".
Elrond answered: "Nay. He will not destroy the Ruling Ring, nor use it or turn his will to the mastery of it, or of us or any of his allies, but takes it now to his new cities, forever to keep it safe, unused".
At that, the leaders of the elves were dismayed and said, "Then our labour is in vain, and we have spent our kinsfolk and wearied our limbs, hearts, and minds to no purpose"; all save Galadriel, who answered, "Rather, we have won a watchful peace, though not, alas, an endless one. We cannot force him to give up the Ring, for fear of war, nor can we trick it from him, not being wise enough, and should he keep it safe, unused and secret, that is enough for us now. Ever it is the way of allies in war to turn against one another in the hour of victory; let it not be ours".
Elrond said, "Be it even so. For my part, I should swear loyalty to you, my queen".
But said Galadriel: "Never queen of yours, nor of anyone's! I seek no title higher than Lady of my own small domain. Did I not say, Let it not be ours to quarrel over the rule of the world we fought to save? I will not seek Gil-galad's throne".
Then said Celeborn, and with him Cirdan, "Rather it should go to Elrond, for in him the lines of the kings of the Eldar are united: the house of Thingol and Melian, of Turgon, and of the House of Hador of the Edain as well".
But Elrond answered, "Nor will I seek that throne, nor claim it though it lay open until the end of this world. My heart is weary of thrones and kingships. Liefer I would do as Cirdan has, and build a fair dwelling for all folk of kind heart and good will, where all may meet as friends and no evil thing may come".
Then said Galadriel: "For that, nonetheless, you will have need of Gil-galad's ring", and all agreed with her and it was adjudged and given to him. "For such use will come to no evil, and no better keeper could it have".
"And to you, Lady", said the other elf-lords, "should go the ring of the King of the Light-elves; for he and his queen are both fallen in battle; and to Cirdan shall go the ring of the King of the Sea-elves, for he and his queen are fallen also, and the heirs of those kings and queens are children still". And so it was done.
And so the elf-hosts departed, and there was peace for a time, and building of fair lands again.