Analysis of New Year's Eve

WE stand above the abyss; beneath our feet
    Around and onward infinite darkness rolls.
    The sky above is black; the watch-bell tolls
The dying year. While slow in silent feet
Pale ghosts come towards us from the ice-locked street
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    Of thought's great city; faces young and old,
    Eyes sunken, features set and deathly cold
And noiseless bear the dead year's winding-sheet.
But lo! where now we stand is worn with tread
    Of millions; in the darkness feel, the ground
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        Is dust of powdered bones; sure, on this peak
The years have died, and millions of the dead
    Have waited vainly through the gloom profound,
        For dawn of day or trumpet-voice to speak.