Double-posting for another thought has jumped into my mind, that in my opinion points to a character flaw (or weakness, if you prefer) within Isildur.
It's not that he refuses the council to destroy the Ring that makes him weak. I agree with
Inzil that it seems hypocritical for someone like Elrond to tell Isildur to destroy the Ring, when he (and the other Elven ring-bearers) are unwilling to destroy theirs. One could argue though it's slightly different, because Sauron never corrupted the Elven rings and their bearers didn't use them to dominate/bulldoze the will of others. Still I've always believed the Elven Rings should not have been forged because where Galadriel was not fooled by Sauron, Celebrimbor was. Also I doubt it could have been known of Sauron's return, the counsel to Isildur seems to be based on the ground "everything that was made by Sauron should be unmade."
The weakness though, is he claims it as weregild (according to Elrond's account at his council):
Quote:
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"This I will have as weregild for my father, and my brother," he said; and therefor whether we would or no, he took it to treasure it. But soon he was betrayed by it to his death; and so it is named in the North Isildur's Bane. Yet death maybe was better than what else might have befallen him."~The Council of Elrond
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Claiming it as weregild, and taking it "to treasure it" is where Isildur errs and exposes his weakness. Weregild was in ancient law a method of compensation paid to an injured party (in the case of the death of a family member). Now Isildur takes the most valuable item as Sauron posesses, as payment for the death of his father and brother, which you could argue was a valid, and legal claim. However, to me it's a sign of Isildur's weakness, he's basically accepting payment (and payment in gold!) for his father and brother being killed in battle. In my opinion, by making the claim of weregild he placed a value on his father's and brother's life, when he took the payment and "treasured it," it's like he's accepting the injuries Sauron caused his family are paid back.