Good day all! I've been rather too busy to spend much time here, but I couldn't resist adding my thoughts to this most excellent thread!
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But 'possession' satisfied, I think he would then have sacrificed himself for Frodo's sake and have voluntarily cast himself into the fiery abyss.
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I suppose I see this part of the Letter in a different way than
Saucepan Man does. Surely Gollum would have known neither he nor Frodo would be strong enough to wrest the Ring from its ultimate master Sauron. I don't think Gollum is dim enough to believe that he could hold on to the Ring if Sauron found him. But, the part of Tolkien's sentence "but 'possession' satisfied" I take to mean that Gollum could satisfy both his love for Frodo (by saving him from the Ring and Sauron) and also he could win final possession in the only way he could--by being the last living being to hold it. Somewhere in his heart and mind, Smeagol/Gollum knows this is the only way to have the Ring for good. Thus, he doesn't (and can't) resist the Ring's call, but on another level he understands that he is doing Frodo a service. It might have been a point in favor of his redemption if it had gone that way, although the way it played out might be nearly the same in appearance. In other words, the difference is in the intent towards Frodo, and this might have tipped the balance in some unfathomable judgement on his soul. He might not see it as
destroying the Ring, but more as solidifying his ultimate possession of it.
Cheers!
Lyta