Spenser is telling his poem that it will be so happy when his beloved's hands hold its pages in her Lilly white hands. Like other Petrarchan heroines, Spenser's beloved holds all of the power; she could kill him (metaphorically speaking) by rejecting his poem, which would be like rejecting his love. His soul would die without his beloved's love. Spenser uses an analogy to further convince the reader how much his beloved controls his destiny. His beloved is both his captor and his victor. She holds his poem and heart in "loves soft bands" (bonds- something that binds or restrains). Her hands could kill him ("dead doing might") or give him life. The poem and his heart trembles with the anticipation of her love, like when a captive catches sight of his victor (the person who frees him).