Because it would have ensured a victory by Sauron.
Sauron would have vanquished his enemies if the Ring had not come into play at all. The 'good guys' only won the day because of the destruction of the Ring. Also, Gollum would have an equal - if not greater - chance of being caught by servants of Sauron.
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...where the instrument of intelligence is added to brute power and evil will, mankind is powerless in its own defence.
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