The rope is magic - in the same way the elvish coats are magic, the boats are magic and Miruvor is magic. It's made by the elves and has properties that no human-, hobbit- or dwarven-made things would ever have. The rope is light, yet can carry extreme weights. Rolled up it needs nearly no space. And it is more alive than other things. It feels that it is still needed and therefore comes down.
@Midgetsman: Your choice of words offends me and hurts your credibilty. And your explanation has two big flaws:
1) Why would Smeagol untie the rope? As someone said, it would hurt his hands because it's elvish and Smeagol can't stand anything elvish, and it would alert the hobbits of his presence. Not to mention that it would help the hobbits if they came to another cliff, and he wouldn't want that.
2) Smeagol is not that close behind. He reaches the cliff a few hours after Frodo and Sam have arrived at the lower end. Proof? If he had arrived earlier and seen the rope (and them too probably) he would have known that they were just at the bottom of the cliff and had been more careful, not whispering and being more aware of a possible attack.
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