A significant distinction that everyone should be aware of:
Calling the Ring “my precious” is a level of control/possession/corruption all its own. When a Ring-bearer calls it that, that’s when you know it has an unbreakable hold on the bearer.
Isildur says “it is precious to me,” which is pretty much equivalent.
Smeagol/Gollum refers to the Ring as “my precious” countless times.
Bilbo refers to the Ring as “my precious” in the book’s first chapter/the first few minutes of the film. Even though he manages to give it up, he still isn’t fully free from it, continuing to want to see it/touch it “one more time.”
Frodo, who literally carries the Ring around his neck for 6 months straight all the way into the Cracks of Doom where it’s most powerful, NEVER refers to the Ring as “my precious.” EVER. Even when it finally conquers his will in the end, he only says it’s “mine.” Not “my precious.”
Frodo and Sam both call it “the precious” when talking to Gollum, because that’s what Gollum calls it (I doubt Gollum even knows the word ‘Ring’), and they want to ensure Gollum knows what they’re talking about.
But not once, in a 1000+ page book or an 11-hour film trilogy, does Frodo ever call the Ring “MY precious” or claim that “it is precious to ME.” Even when the Ring wears him down enough to prevent him from dropping it into the Fire, it still can’t gain enough control over him to make him say those particular fatal words.
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Bilbo's actions with the ring were quite reasonable:
Bilbo almost stopped breathing, and went stiff himself. He was desperate. He must get away, out of this horrible darkness, while he had any strength left. He must fight. He must stab the foul thing, put its eyes out, kill it. It meant to kill him. No, not a fair fight. He was invisible now. Gollum had no sword. Gollum had not actually threatened to kill him, or tried to yet. And he was miserable, alone, lost. A sudden understanding, a pity mixed with horror, welled up in Bilbo’s heart: a glimpse of endless unmarked days without light or hope ofbetterment, hard stone, cold fish, sneaking and whispering. All these thoughts passed in a flash of a second. He trembled. And then quite suddenly in another flash, as if lifted by a new strength and resolve, he leaped. No great leap for a man, but a leap in the dark. Straight over Gollum’s head he jumped, seven feet forward and three in the air; indeed, had he known it, he only just missed cracking his skull on the low arch of the passage. - The Hobbit
Bilbo was able to feel pity for Gollum and put himself in his place.
"Pity? It's 'pity' that stayed Bilbo's hand (...) Pity, and mercy: not to strike without need. (...) And he was well rewarded, Frodo. Notice how he suffered so little from the evil [of the Ring] and escaped in the end, because he began to use the Ring with this. With Pity. (...) and (...) The pity of Bilbo may rule the fate of many.” Gandalf said. - LotR
Yes, after, Bilbo decides to disappear like a joke during the party, as a prank, but it is quite justifiable, the people were talking bad about Bilbo, that he was weird and had weird visitors, and still many coveting and gossiping about his money and the comforts he had at Bag End. They made horrible comments about his adopting Frodo too, and about Frodo himself.
It makes sense that Bilbo would want to disappear in front of them, it's symbolic when we want to disappear in front of people who make us feel uncomfortable, people who have spent years calling him 'Mad Bilbo'. It was an expected joke from Bilbo, it was him being ironic! Just as gifts from him were ironic. An example:
For MILO BURROWS, hoping it will be useful, from B.B., on a gold pen and ink-bottle. Milo never answered letters. - LotR
When Bilbo leaves the Ring, he gets angry with Gandalf for a moment and becomes almost aggressive, but see that in the end it is he who OFFERS the ring to Gandalf:
'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 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 só 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.
'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.
(...) '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.
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!' - LotR
Bilbo was strong enough to overcome his desire for the ring and turn away for it.
And Bilbo almost attacking Frodo in Rivendell upon seeing the Ring? Yes. Right. But, It's Bilbo who asks Frodo to keep the Item:
Bilbo looked quickly at Frodo’s face and passed his hand across his eyes. ‘I understand now,’ he said. ‘Put it away! I am sorry: sorry you have come in for this burden; sorry about everything. - LotR
He acts pretty decent for someone in possession of an evil object. And if he's one to be ironic with his relatives, they provoked him first!
There was a great commotion, and people of all sorts, respectable and unrespectable, were thick round the door, and many were going in and out—not even wiping their feet on the mat, as Bilbo noticed with annoyance. If he was surprised, they were more surprised still. He had arrived back in the middle of an auction! (…) would sell by auction the effects of the late Bilbo Baggins, of Bag-End, Underhill, Hobbiton. (…) most of the things had already been sold, for various prices from next to nothing to old songs (as is not unusual at auctions). Bilbo’s cousins the Sackville-Bagginses were, in fact, busy measuring his rooms to see if their own furniture would fit. In short Bilbo was “Presumed Dead”, and not everybody that said so was sorry to find the presumption wrong. (…) The legal bother, indeed, lasted for years. It was quite a long time before Mr. Baggins was in fact admitted to be alive again. The people who had got specially good bargains at the Sale took a deal of convincing; and in the end to save time Bilbo had to buy back quite a lot of his own furniture. (…) Many of his silver spoons mysteriously disappeared and were never accounted for. Personally he suspected the Sackville-Bagginses. On their side they never admitted that the returned Baggins was genuine, and they were not on friendly terms with Bilbo ever after. (…) he was no longer quite respectable. He was in fact held by all the hobbits of the neighbourhood to be ‘queer’—except by his nephews and nieces on the Took side, but even they were not encouraged in their friendship by their elders. I am sorry to say he did not mind. (…) many shook their heads and touched their foreheads and said “Poor old Baggins!” and few believed any of his tales. - The Hobbit
He had been really lonely the last few years since he had returned from his adventure, or holiday, as liked to call it. A large part of this was due to the fact that he had been definitively rejected from the respectable community, not that he cared that much about it, but was quite a burden to have faced everything he had been through on his adventure there and back again, to be a hero to other folks and peoples, an Elf-Friend, also a friend of dwarves and humans, who rode Eagles and rode barrels in a river (even without knowing how to swim), who spoke to Smaug the Dragon, and still survived a war, returning home to the Shire to receive the treatment of an pariah.
No one really welcomed him with joy, he came back safe and sound, after disappearing for 14 months, and it seemed like everyone preferred him dead. Imagine Bilbo, especially when he sat alone in his armchair in a house too big for a single Hobbit (one who used to like visitors and had lots of pantries and huge rooms that could fit a lot of people and he had a lot of clothes). beautiful to wear and receive them). Possibly the same respectable Hobbits he received as visitors before were the same ones who were not happy to see him return alive. Because they didn't care about him, nor about his feelings or his safety and well-being, they only cared about his money and possessions, envying his comfort and home. And they gossiped about it for years, making him look like "Mad Bilbo", when they were the ones who were petty.
And yet, remember, Bilbo adopted Frodo of his own free will (because Frodo was his favorite cousin, according to the book, it is the others who gossip and invent ulterior motives in a malicious way and this is also in the book), And Bilbo teaches Sam reads, is kind to Gafer, is generous with the poorest families, throws lively parties with lots of food, welcomes Merry and Pippin to Bag End often and gives them enough freedom to see Bilbo things without him knowing.
And Bilbo remained friends with the Elves, the Dwarves, the humans (he was friends with Aragorn, "Not all those who wander are lost" was coined by Bilbo in a poem, and has often been used since then to refer to Aragorn), and Gandalf, no matter what his neighbors thought of it or how often they found him and his visits "strange". Bilbo "was happy to the end of his days, which were extraordinarily long" - The Hobbit and LotR.
So yes, Bilbo is incredibly virtuous, even when tempted by the ring.
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