In the Lord of the Rings four races that have historic reasons to distrust one another must band together to defeat an enemy that threatens to destroy them all. At the center of this gathering of misfits stands a people (the hobbits) who are perceived as weak and simple. Despite their outward appearance, these small folk are of sturdier stuff than their stature might suggest. The grand plan for the salvation of the world at the core of the novel is not the acquisition of power, but its rejection. This sacrifice of power is possible because of the shared love that the four peoples discover on mission together.
It is clear, then, that the Lord of Rings posits racial reconciliation, common mission and the rejection of power as the hope of the world. If this is true, then with all due respect to authorial intent, the hobbits are black people.