It's good to have everyone agree. (Except Frodo, who's out of it again, and it might be best for him that way if Strider's right about the ring.) 

Gord opens the bag wide so they can can all see. The inside is a cube a bit over five feet on a side, walled with canvas which has lengths of thin rope stitched to it at regular intervals. Various objects are tied to these, including more bags and pouches (some clearly empty), a pair of large scabbards (one holding the remains of Gord's previously-magic sword), a little folded tent, a thick winter coat, blankets and other sundries. It's at least half-full but there's room for a halfling at least, although Strider might not fit in.

Where the ropes have some slack the objects don't hang down from them but float next to the canvas wall, as if on a calm sea.

"Wrap the ring in the bag, tie it closed with a bit of rope and then tie it to one of the ropes on the wall," Gord instructs. "We don't need to be able to take it out and use it quickly, right?" Which means he doesn't have to teach Merry the knot that comes loose when you pull the other end.

The hobbits examine the bag curiously, but especially Sam.  If you squint and imagine the scabbards as old rakes or hoes, it looks rather like the back of his Gaffer's closet.  It's a weird feeling to imagine carrying that with you in a tiny other world, but rather homely. 

He blinks at the last thing Gord says.  "I sure don't want anyone to get the Ring quickly!"

Merry takes the small bag, kneels down next to Frodo, and with a whispered "Don't worry," he reaches into Frodo's pocket and slips the bag around the Ring.

Frodo shoots awake with a start.  "Wha - wha -"  He flails out at Merry's arm.

"It's me!" Merry jumps back, bag in his hand.

Frodo blinks and focuses on his friend, suddenly realizing and ashamed.  And something feels a little different... but still cold.

"Wha - what's happening?"

He suddenly wishes all the more he could somehow help Frodo...

"Strider and Gord realized - we need to wrap the Ring up to keep it safe from the Black Riders."  He holds up the small bag with the Ring in it.  "This, and then Gord's magic bag."

And isn't this an interesting Ring?  Don't you want to see it before putting it in that place it'll be lost amid another sort of magic...

Aragorn nudges Merry.

Merry shakes his head suddenly, and walks over to take it to the mouth of Gord's magic bag, still holding it.

Gord can't understand their words but Merry's reluctance is obvious. Is the ring really enchanting him? Gord doesn't think he feels anything, but maybe it's because they're going to put it in his bag, maybe he should be suspicious because this is the plan he came up with as soon as he heard - 

The wraiths can track the ring, Strider told him that. If they carry it, and don't use it, it makes sense to put it in the bag. It seems right. He's not at more risk from it if it's in the bag, rather than in Frodo's pocket. He could always have taken it from his pocket. The others would notice, but they couldn't stop him, not if he used his magic.

He isn't enchanted to take the ring and run away with it, he could have done that yesterday. Is he enchanted to travel with them (with the ring)? But he ran away first...

Think of the ring as a little shapeshifted succubus. You can't stop wanting to hold the succubus in the palm of your hand. But you can, if you're not fully gone yet, put her in the bag so you can cross the border -

where in the Abyss did that thought just come from -

Gord isn't sure he wants the ring in his bag anymore, but it's not as if giving the bag to Strider to carry would make anything better. Would it?

...he's almost certainly just imagining things. Too much introspection always does that. 

If he has to travel with a metaphorical succubus again, better - safer - for her to be in the bag than out of it. This makes total sense and if it fails to reassure him, well -

He'll feel better when the bag is closed. Get this over with. He motions Merry forward.

"D-do we need to -" This whole thing feels wrong to Frodo.  He tries to scramble up to sitting.

This's feeling weird to Sam too.  "Don't hurt yourself, Mr. Frodo!  Wait a minute and it'll all be better -"

Aragorn quickly grabs one of the bits of rope dangling from the magic bag and ties Merry's little bag shut without touching the bag itself.

Something's looking wrong with Merry too?  Pippin hits him on the arm.

Merry starts, his grip loosens, and the Ring-bag falls into Gord's magic bag.

And Gord closes the magic bag. Ties the straps until it'll take him a few turns to open it again.

"That was - I don't know if I felt something real, or if I was just spooked by seeing you all react... I don't want to open the bag if we don't have to."

"...at least now I can heal Frodo. The first part's easy - " he channels. Frodo's dagger wound closes up; the others might feel it too, if they have any small scrapes or bruises. And it might be the fright talking, but he'd rather be more tired and better armed. Lesser Restoration on Frodo, and hopefully that'll be enough.

"I used the lesser spell," he tells Strider, "ask him if he's well enough to walk for a few hours."