Analysis of Magna Est Veritas

Here, in this little Bay,
Full of tumultuous life and great repose,
Where, twice a day,
The purposeless, gay ocean comes and goes,
Under high cliffs, and far from the huge town,
I sit me down.
For want of me the world's course will not fail:
When all its work is done, the lie shall rot;
The truth is great, and shall prevail,
When none cares whether it prevail or not.