| Quote #10
"I beg of you," said Bilbo stammering and standing on one foot, "to accept this gift!" and he brought out a necklace of silver and pearls that Dain had given him at their parting.
Bilbo's moral code is incredibly rigid when it comes to payment: if he has received a service or profited off somebody, he has to pay for it. It's not just the Elvenking; he also leaves the stolen keys with the drunken guard in the Elvenking's dungeons so the poor guy doesn't come in for too much criticism. Perhaps this strong moral understanding of the importance of payment is why Bilbo is so reluctant to accept much treasure?