No. It wasn't. I think you're thinking of this passage. Bilbo compared Smaug's rumbling to a volcano.
Quote:
The dwarves were still passing the cup from hand to hand and talking delightedly of the recovery of their treasure, when suddenly a vast rumbling woke in the mountain underneath as if it was an old volcano that had made up its mind to start eruptions once again. The door behind them was pulled nearly to, and blocked from closing with a stone, but up the long tunnel came the dreadful echoes, from far down in the depths, of a bellowing and a trampling that made the ground beneath them tremble.
Then the dwarves forgot their joy and their confident boasts of a moment before and cowered down in fright. Smaug was still to be reckoned with. It does not do to leave a live dragon out of your calculations, if you live near him.
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...take counsel with thyself, and remember who and what thou art.
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