Analysis of Lines: That time is dead for ever, child!

I.
That time is dead for ever, child!
Drowned, frozen, dead for ever!
We look on the past
And stare aghast
At the spectres wailing, pale and ghast,
Of hopes which thou and I beguiled
To death on life’s dark river.

II.
The stream we gazed on then rolled by;
Its waves are unreturning;
But we yet stand
In a lone land,
Like tombs to mark the memory
Of hopes and fears, which fade and flee
In the light of life’s dim morning.