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One of the pitfalls of studying history is that you are reading the records of the powerful, and therefore literate, classes. The true opinions and feelings of the vast majority of "common people" are utterly lost to us. - Kuruharan
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Which is just another way of saying "History is written by the winners." Who were generally the people with the money, education, and power. [img]smilies/smile.gif[/img]
But don't be too hasty to dismiss the oral histories, Kuru, whether they were tales told 'round a fire, or bardic odes. It was the only resource for people who for most of the ages did not have to time to devote to "learning their letters".
"History became legend; legend became myth." is generally the case with oral history, but there is a kernel of truth to most of these legends, like the grain of sand in the middle of a pearl. One of the most interesting theories I heard about Arthurian legend was that Arthur was the cheiftain who brought the secret for processing and forging iron to the ancient Celts. Hence; The Sword in the Stone. (get it?) Scholars have pursued these grains of truth through the centuries, simply because they represent an aspect of history that was neglected by the "winners" who were writing the books.
As for Hobbit history, I can't think their "Wandering Years" were a very pleasant time. A small race in a world of doughty, prideful men would have had a rough way to go, to say the least. (Just look at what the Wild Men of Rohan were subjected too, before Theoden granted them protection.) Maybe the Hobbits, when they finally found a land to call their own, were inclined to put the past behind them.
But still, I can't help missing a suggestion that they remembered the outlaws, rebels, heroes, and lovers that fill the songs and tales of other cultures through the eons. They must have had them. I just wish Tolkien had had the time to "record" them.