The Question and Answer section for The Hobbit is a great resource to ask questions, find answers, and discuss the novel.
People are inspired by the little and large acts of bravery that Bilbo does. The great Gandalf the Grey explains Bilbo's affect on him,
Why Bilbo Baggins? I don't know. Perhaps because I am afraid, and he gives me courage.
You have asked this question before. Bilbo's "actions" are pretty vague. Are you referring to a battle, use of the ring, or something else?
The Master of Laketown is praising Bard the Bowman and trying to align himself with the Bard. The Master of Laketown really only cares about himself and his wealth. He is trying to avoid any blame for the ruin that war and Smaug has brought upon...