'Few now remember them,' Tom murmured, 'yet still some go wandering, sons of forgotten kings walking in loneliness, guarding from evil things folk that are heedless.'
The hobbits did not understand his words, but as he spoke they had a vision as it were of a great expanse of years behind them, like a vast shadowy plain over which there strode shapes of Men, tall and grim with bright swords, and last came one with a star on his brow. Then the vision faded, and they were back in the sunlight world. It was time to start again. They made ready, packing their bags and lading their ponies. Their new weapons they hung on their leather belts under their jackets, feeling them very awkward, and wondering if they would be of any use. Fighting had not before occurred to any of them as one of the adventures in which their flight would land them.
This passage is very important to the story of the Ringbearers for several reasons. First of all, it represents a rite-of-passage for Frodo and his companions. They have just emerged from the Barrow-wight's lair, but they have also learned that they will be responsible for getting themselves out of future scrapes. They cannot count on meeting friends like Bombadil along the way (and he had, in fact, been asked to keep an eye out for them by Gildor and the Elves).
Secondly, Bombadil is reinforcing his history lesson here, but though Tolkien reveals a little more this time the history is still vague. Bombadil is also reinforcing Gandalf's history lesson from "The Shadow of the Past", however. There, after revealing the fiery letters Sauron had etched into his One Ring millennia before, Gandalf told Frodo that the Ring had once been taken from Sauron.
...'The strength of the Elves to resist [Sauron] was greater long ago; and not all Men were estranged from them. The Men of Westernesse came to their aid. That is a chapter of ancient history which it might be good to recall; for there was sorrow then too, and gathering dark, but great valour, and great deeds that were not wholly vain. One day, perhaps, I will tell you all the tale, or you shall hear it told in full by one who knows it best.
Gandalf's "one who knows it best" is undoubtedly Elrond, but Bombadil knows part of the tale and he shares what he knows with an inattentive Frodo (and inattentive readers).
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