Lyric discussion by conspicuous7 

Cover art for These Are the Fables lyrics by New Pornographers, The

Okay, this is probably a really odd interpretation, but I think it's about a mother that has had a miscarriage or stillbirth?

The setting itself is ocean-like and the ocean is often used as a metaphor for sex. Cities in circles could be the ovaries, the ten thousand dancing girls the eggs. The "wind back to the river" could be the actual birth, as well as the hammer coming down on the evening.

But you get towards the end of the song and there's this:

Heaven shook hell And down from its pockets The ring in your bell It fell through your hands

So I'm thinking the baby didn't make it? The final lines "lay down in glory, you're not alone" would support that too. I don't know, does anyone else have any ideas?