In the drama there are at first only four distinct races,—the gods, the giants, the dwarfs, and the nymphs. Later, by a special creation, there come the valkyrie and the heroes. The gods are the noblest and highest race, and dwell first in the mountain meadows, later in the palace of Valhalla on the heights. The giants are a great and strong race, but lack wisdom; they hate what is noble, and are enemies of the gods; they dwell in caves near the earth’s surface. The dwarfs, or _nibelungs_, are black uncouth pigmies, hating the good, hating the gods; they are crafty and cunning, and dwell in the bowels of the earth. The nymphs are pure, innocent creatures of the water. The valkyrie are daughters of the gods, but mingled with a mortal strain; they gather dead heroes from the battle-fields and carry them to Valhalla. The heroes are children of the gods, but also mingled with a mortal strain; they are destined to become at last the highest race of all, and to succeed the gods in the government of the world. The principal gods are Wotan, Loki, Donner, and Froh. The chief giants are Fafner and Fasolt, brothers. The chief dwarfs are Alberich and Mime, brothers, and later Hagan, son of Alberich. The chief nymphs are the Rhine-daughters, Flosshilda, Woglinda, and Wellgunda. There are nine Valkyrie, of whom Brunhild is the leading one. Wagner’s story of the Ring may be summarized as follows: A hoard of gold exists in the depths of the Rhine, guarded by the innocent Rhine-maidens. Alberich, the dwarf, forswears love to gain this gold. He makes it into a magic ring. It gives him all power, and he gathers by it a vast amount of treasures. Meanwhile Wotan, chief of the gods, has engaged the giants to build for him a noble castle, Valhalla, from whence to rule the world, promising in payment Freya, goddess of youth and love. But the gods find they cannot spare Freya, as they are dependent on her for their immortal youth. Loki, called upon to provide a substitute, tells of Alberich’s magic ring and other treasure. Wotan goes with Loki, and they steal the ring and the golden hoard from Alberich, who curses the ring and lays the curse on all who shall henceforth possess it. The gods give the ring and the treasure to the giants as a substitute for Freya. The curse at once begins. One giant, Fafner, kills his brother to get all, and transforms himself into a dragon to guard his wealth. The gods enter Valhalla over the rainbow bridge. This ends the first part of the drama, called the Rhine-Gold.