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I shall finish the chapter and return in more appropriate form, but I am not quite sure just what the great value is of this chapter. The bathtime hijinks reminded me of davem's observations about the writing process for earlier chapters and the silliness over upper stories. (Bęthberry)
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I don't have much to say about this chapter since there wasn't an exorbinate amount going on. I know I am going to get it for this, but I never like this chapter and ones similar for I can't help thinking that it all centers around sitting down and eating, again! (Silmiel of Imladris)
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I feel that I have to make an effort to defend this Chapter as it is one of my favourites. Bilbo aside, Merry and Pippin are the characters that I am most fond of (yes, I am a Hobbit at heart

) and I have always been rather taken by the manner in which they join Frodo's Quest. Forget Arwen stealing Glorfindel's horse, Elves at Helm's Deep and "evil" Faramir. The loss of this chapter was one of the changes made in the film that I mourned the most. Merry and Pippin didn't accompany Frodo and Sam because they randomly ran into them in Farmer Maggot's field. They did so out of friendship, knowing that peril lay ahead of them (albeit not the full extent of it).
To my mind,
Esty hit the nail on the head in the extract that she quoted at the outset of this thread. I will quote it here in full because I like it so much:
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You can trust us to stick to you through thick and thin – to the bitter end. And you can trust us to keep any secret of yours – closer than you keep it yourself. But you cannot trust us to let you face trouble alone, and go off without a word. We are your friends, Frodo. Anyway: there it is. We know of what Gandalf has told you. We know a god deal about the Ring. We are horribly afraid – but we are coming with you; or following you like hounds. (emphasis added)
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For me, this chapter is all about friendship. The light-hearted banter and gentle teasing highlights the closeness of these friends (and, for a time, masks their fear and anticipation, as
Firefoot has pointed out), but it is the determination of Merry and Pippin to accompany Frodo that really shows the bond between them. Of course, they cannot imagine the full extent of the danger which lies ahead, but they know just about as much as Frodo does and yet they have resolved to stick with him "through thick and thin". That is the measure of their friendship. Even Fatty shows his committment to the cause by agreeing to stay behind at Crickhollow, knowing that these fearsome Black Riders will be turning up sooner or later.
Another passage struck me in this context:
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"Good! That's settled. Three cheers for Captain Frodo and company!" they shouted; and they danced round him. Merry and Pippin began a song, which they had apparently got ready for the occasion.
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Reading it now, this passage very much puts me in mind of the camaraderie of young soldiers celebrating excitedly together after volunteering for service in the Great War - knowing that they are likely to face danger, but little imaging the full horror of it. I wonder if this is a scene from Tolkien's own experience.
Just one further point to add for the time being:
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But at Crickhollow there is no authority figure, save Frodo (and Merry, I suppose). The danger has not really escalated all that much since the first encounter with a Black Rider. But the protection offered by the safe houses along the way has diminished. (Aiwendil)
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The reduced protection that Crickhollow offers is also suggested by the following passage:
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Their land was originally unprotected from the East; but on that side they had built a hedge: the High Hay ... But, of course, it was not a complete protection. The Forest drew close to the hedge in many places. the Bucklanders kept their doors locked after dark, and that also was not usual in the Shire.
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This adds to the dark undertones in this chapter and emphasises that the Hobbits really are now on the edge of "friendly territory". As indeed do Fredegar's ominous comments about the Old Forest and Merry's curious (at least for readers who have not yet read further) comment about the trees being "sleepy and fairly quiet" during the daylight hours.