The guy holding the ring is talking about the inscription that Sauron wants to have put on the ring. You know, the whole “One ring to rule them ALL…Love they neighbor…Adult video section in the back.”
There’s a poem in Lord of the Rings about all of the various rings:
Three Rings for the Elven-Kings Under the Sky
Seven for the Dwarf-Lords in their halls of stone
Nine for mortal Men, doomed to die
One for the Dark Lord, on his dark throne
In the Land of Mordor, where the shadows lie
One ring to rule them all, one ring to bind them
One ring to bring them all, and in the darkness bind them
In the Land of Mordor, where the shadows lie.
The “One ring to rule them all” couplet is engraved on the inner surface of Sauron’s ring, which is how it can be definitively identified and distinguished from all the other magical rings. But of course, it’s not written in English: It’s written in the Black Speech (though using Elvish letters), so it actually comes out something like “Ash nazh gimbatul…”.