I agree with Nutty that the song talks about the Irish and the Scots, the Gaelics, turning away from the past. That can be seen in the reference to "a well upon a hill from the ancient past" -- that whole stanza is relatively understandable, even if the specifics are somewhat obscure.

The stanza before that, stating that "on water we have walked like the fearless child" is rather impenetrable, in my opinion.