Alberich replies with raving insult. Wotan's cool voice reminds him of the vanity of this and calls him to the consideration of his ransom. When Alberich, after a time, grumblingly inquires what they will have, he says, largely and frankly, "The treasure, your shining gold."
If he can only retain the ring, reflects Alberich, the loss of the treasure may be quickly repaired. At his request they free his right hand; he touches the ring with his lips and murmurs the spell by which after a moment the swarm of little smoke-grimed Nibelungs arrives groaning and straining under the weight of the Hort; again they pile it in a heap, and at Alberich's command scurry home.
"Now I have paid, now let me go," says the humbled Nibelung-lord, "and that helmet-like ornament which Loge is holding, have the kindness to give it me back." But Loge flings the Tarnhelm on the heap as part of the ransom. Hard to bear is this, but Mime can after all forge another. "Now you have gotten everything; now, you cruel ones, loose the thongs." But Wotan remarks, "You have a gold ring upon your finger; that, I think, belongs with the rest." At this, a madness of terror seizes Alberich. "The ring?..." "You must leave it for ransom." "My life—but not the ring!" With that bitter coldness of the aristocrat which in time brings about revolutions, Wotan replies, "It is the ring I ask for—with your life do what you please!" The dull Nibelung pleads still after that, and his words contain thorns which he might reasonably expect to tell: "The thing which I, anguish-harried and curse-crowned, earned through a horrible renunciation, you are to have for your own as a pleasant princely toy?... If I sinned, I sinned solely against myself, but against all that has been, is, or shall be, do you, Immortal, sin, if you wrest this ring from me...."
Wotan without further discussion stretches out his hand and tears from Alberich's finger the ring, which gives once more, under this violence, the golden call, saddened and distorted. "Here, the ring!—Your chattering does not establish your right to it!" Alberich drops to earth, felled. Wotan places the ring on his hand and stands in gratified contemplation of it. "I hold here what makes me the mightiest lord of the mighty!"
Loge unties Alberich and bids him slip home. But the Nibelung is past care or fear, and rising to insane heights of hatred lays upon the ring such a curse as might well shake its owner's complacency. "As it came to me through a curse, accursed be this ring! As it lent me power without bounds, let its magic now draw death upon the wearer! Let no possessor of it be happy.... Let him who owns it be gnawed by care and him who owns it not be gnawed by envy! Let every one covet, no one enjoy it!... Appointed to death, fear-ridden let its craven master be! While he lives, let his living be as dying! The ring's master be the ring's slave,—until my stolen good return to me!... Now keep it! Guard it well! My curse you shall not escape!"
"Did you hear his affectionate greeting?" asks Loge, when Alberich has vanished down the rocky cleft.
Wotan, absorbed in the contemplation of the ring, has heard the curse with the same degree of interest he might have bestowed upon the trickle of a brook. He replies magnanimously, "Grudge him not the luxury of railing!"
Fricka, Donner, and Froh hasten to welcome the returning gods. The approach of Freia, whom the giants are bringing between them, is felt before she appears, in a subtle sweetening of the air, a simultaneous lightening of all the hearts and return of youth to the faces, which Froh's daintily expansive greeting describes.
Fricka is hurrying toward her. Fasolt interposes: Not to be touched! She still belongs to them until the ransom have been paid. Fasolt does not fall in willingly with the arrangement which shall give them the gold in place of the woman; he has been overpersuaded by the black brother; his regret at losing Freia is so great, he tells the gods, that the treasure, if she is to be relinquished, will have to be piled so high as completely to hide the blooming maid.
"Let it be measured according to Freia's stature!" decrees Wotan, and the giants drive their great staves into the earth so that they roughly frame the figure of Freia. Helped by Loge and Froh, they begin stopping the space between with the treasure. Wotan's fastidiousness cannot endure the visible sordid details of his bargain; he turns from the sight of the incarnate rose, as she stands drooping in a noble shame, to be valued against so much gold. "Hasten with the work!" he bids them, "it sorely goes against me!" When Fafner's rough greed orders the measure to be more solidly pressed down, and he ducks spying for crevices still to be stopped with gold, Wotan turns away, soul-sick: "Humiliation burns deep in my breast!"