Bassanio says the above extract when Portia asks him whether he has given away the ring given by her to anyone. Here Bassanio means to say that there is no gain by stating a lie. That won’t mend a fault. A lie may lead to another lie and finally an unhappy life. That is why he chooses to say the truth and confesses his guilt: “but you see my finger / Hath not the ring upon it. It is gone.”