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And Hoenir sighed, and said, “Now, indeed, will darkness win: and the frosty breath of the Northern giants will blast the fair handiwork of the sunlight and the heat; for the givers of life and light and warmth are helpless prisoners in the hands of these cunning and unforgiving jailers.”

“Surely,” said Odin, “not even the highest are free from obedience to heaven’s behests and the laws of right. I, whom men call the Preserver of Life, have debased myself by being found in evil company; and, although I have done no other wrong, I suffer rightly for the doings of this mischief-maker with whom I have stooped to have fellowship. For all are known, not so much by what they are as by what they seem to be, and they bear the bad name which their comrades bear. Now I am fallen from my high estate. Eternal right is higher than I.”

Then the Asas asked Hreidmar, their jailer, what ransom they should pay for their freedom; and he, not knowing who they were, said, “I must first know what ransom you are able to give.”

“We will give you anything you may ask,” hastily answered Loki.

Hreidmar then called his sons, and bade them strip the skin from the otter’s body. When this was done, they brought the furry hide and spread it upon the ground; and Hreidmar said, “Bring shining gold and precious stones enough to cover every part of this otter skin. When you have paid so much ransom, you shall have your freedom.”

“That we will do,” answered Odin. “But one of us must have leave to go and fetch it: the other two will stay fast bound until the morning dawns. If, by that time, the gold is not here, you may do with us as you please.”

Hreidmar and the two young men agreed to Odin’s offer; and, lots being cast, it fell to Loki to go and fetch the treasure. When he had been loosed from the cords which bound him, Loki donned his magic shoes, which had carried him over land and sea from the farthest bounds of the mid-world, and hastened away upon his errand. And he sped with the swiftness of light, over the hills and the wooded slopes, and the deep dark valleys, and the fields and forests and sleeping hamlets, until he came to the place where dwelt the swarthy elves and the cunning dwarf Andvari. There the River Rhine, no larger than a meadow brook, breaks forth from beneath a mountain of ice, which the Frost giants and the Winter-king had built long years before; for they had vainly hoped that they might imprison the river at its fountain head. But the baby brook had eaten its way beneath the frozen mass, and had sprung out from its prison, and gone on, leaping and smiling, and kissing the sunlight, in its ever-widening course toward the distant sea.

Loki came to this place, because he knew that here was the home of the elves who had laid up the greatest hoard of treasures ever known in the mid-world. He scanned with careful eyes the mountain side, and the deep, rocky caverns, and the dark gorge through which the little river rushed; but in the dim moonlight not a living being could he see, save a lazy salmon swimming in the quieter eddies of the stream. Anyone but Loki would have lost all hope of finding treasure there, at least before the dawn of day; but his wits were quick and his eyes were very sharp.

“One salmon has brought us into this trouble, and another shall help us out of it!” he cried.

Then, swift as thought, he sprang again into the air; and the magic shoes carried him with greater speed than before down the Rhine valley, and through Burgundyland and the low meadows, until he came to the shores of the great North Sea. He sought the halls of old Aegir, the Ocean-king; but he wist not which way to go–whether across the North Sea towards Isenland, or whether along the narrow channel between Britain land and the main. While he paused, uncertain where to turn, he saw the pale-haired daughters of old Aegir, the white-veiled Waves, playing in the moonlight near the shore. Of them he asked the way to Aegir’s hall.