Elrond: Gandalf, the enemy is moving. Sauron's forces are massing in the east.  His eye is fixed on Rivendell.
And Saruman, you tell me, has betrayed us. 
     Our list of allies grows thin...
This peril belongs to all Middle earth.  They must decide how to end it.  Not just for themselves but for those who come after. 
    The time of the Elves is over.  My people are leaving these shores.
   Who will you look to when we have gone? The dwarves?  They hide in their mountains seeking riches. They care nothing for the troubles of others.

GANDALF: It is in Men that we must place our hope. 
ELROND: Men?  Men are weak... 
   The race of Men is failing.  The blood of Numenor is all but spent, its pride and dignity forgotten. 
   It is because of men the Ring survives.
FLASH INSERT: With the broken sword, Isildur slices off
Sauron's finger.  Elrond reacts.
I was there, Gandalf...I was there three thousand years ago when Isildur took the ring.
FLASH INSERT: ISILDUR PICKS UP THE RING AND STARES AT IT,ENTRANCED.
I was there the day the strength of Men failed. I let Isildur into the heart of Mount Doom, where the ring was forged: the one place it could be destroyed. 
   It should have ended that day, but evil was allowed to endure.  Isildur took the ring...and Isildur kept the Ring...the line of Kings was broken. 
   There is no strength left in the world of Men. 
   They're scattered, divided, leaderless.
GANDALF:  There is one who could unite them, one who could reclaim the throne of Gondor.
ELROND: He turned from that path a long time ago. 
   He has chosen exile.