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This line helps to create a mood of admiration, pride, and nostalgia. It evokes a sense of awe and reverence towards the historic significance and symbolism of the banner. The imagery of eyes dancing suggests a joyous and spirited response to seeing the banner unfurled in the sky.
The hope that is mentioned in the poem entitled Old Ironsides written by Oliver Wendell Holmes is that the ship not be completely dismantled and turned into scrap metal.