Gollum was once a hobbit, but at the time of the War of the Ring, he is at least 500 years old. So most of his hobbit-nature has died out.
Bilbo felt stretched because the Ring does not give you more life, it extends the one you already have. So it seemed to Bilbo his life was being stretched.
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Two beer or not two beer, that is the question; by Shakesbeer
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