Well it's the elves that are the real Republicans of the LotR. They create the evil, they are unwilling to destroy it, and they sit and posture and then bug out. The only thing they are missing is a big speech about family values. Oh, wait, they have that too.
But thinking back, I'm pretty sure the ring can only be destroyed where it was originally forged, so that's in the cracks of Mount Doom. So, OK, riddle me this... if the elves were so smart, how did they ever think that a ring of total power, made in Mount Doom could ever be a good thing? How in the hell does that scenario ever end well? Fools, playing with powers they could wield, but never rule.