Elrond: His strength returns.
Gandalf: That wound will never fully heal. He will carry it the rest of his life.
Elrond: And yet, to have come so far, still bearing the Ring, the hobbit has shown extraordinary resilience to its evil.
Gandalf: It is a burden he should never have had to bear. We can ask no more of Frodo.
Elrond: Gandalf, the enemy is moving. Sauron's forces are massing in the east, his eye is fixed on Rivendell. And Saruman, you tell me, has betrayed us. Our list of allies grows thin.
Gandalf: His treachery runs deeper than you know. By foul craft, Saruman has crossed Orcs with goblin men. He's breeding an army in the caverns of Isengard. An army that can move in sunlight and cover a great distance at speed. Saruman is coming for the Ring.
Elrond: This evil cannot be concealed by the power of the Elves. We do not have the strength to withstand both Mordor and Isengard. Gandalf, the Ring cannot stay here. This evil belongs to all of Middle-Earth. They must decide now how to end it. The time of the Elves is over, my people are leaving these shores. Who will you look to when we've gone? The Dwarves? They toil away in caverns, seeking riches. They care nothing for the troubles of others.
Gandalf: It is in Men that we must place our hope.
Elrond: Men? Men are weak. The Blood of Numenor is all but spent, its pride and dignity forgotten. It is because of Men the Ring survives. I was there, Gandalf. I was there three thousand years ago. I was there the day the strength of Men failed.
[scene switches to a flashback of Elrond and Isildur]
Elrond: I led Isildur deep into the fires of Mount Doom, the one place it could be destroyed. [Elrond: Cast it into the fire! Destroy it! Isildur: No.
[he exits]
Elrond: Elrond: Isildur!] Isildur kept the Ring. It should have ended that day, but evil was allowed to endure. There's no strength left in the world of Men. They're scattered, divided, leaderless.
Gandalf: There is one who could unite them. One who could reclaim the throne of Gondor.
Elrond: He turned from that path a long time ago. He has chosen exile.