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Originally Posted by Inziladun
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Despite Elrond's words in the Council about Isildur's "refusal" to destroy the Ring when he could, he says nothing about why he or Círdan didn't simply take it from Isildur. They were afraid to touch it themselves.
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I'm not sure I would classify Elrond and Cirdan's refusal to take it as they were themselves afraid to take it. According to Elrond, Isildur basically laid claim of it from the get go and would have it no other way:
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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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Bolding my emphasis)
Claiming it as weregild is also something that Tolkien might frown upon. Isildur makes a legal claim (claiming compensation and Sauron's most valuable possession for the death of his father and brother). However, it might not be seen as the
moral thing to do, because Isildur is accepting payment for the death of his father and brother. He's essentially placing a value on their lives, and by accepting the payment (in gold mind you) Isildur's saying Sauron's debt is paid.
It's like Denethor using the palantir, Tolkien writes that legally Denethor (by being in a position to rule Gondor until the King returns) could use the stone. And that "legal" authority to use the stone did grant some protection from Sauron, but I imagine Tolkien would still say it wasn't the "right" thing to do.