If What we could were what we would — Ultimate Rumor

If What we could－were what we would－¹
Criterion－be small－
It is the Ultimate of Talk－
The Impotence to Tell－

(F.540/J.407)

[1] could, would:: could talk, would talk.
[2] Criterion be small:: the rule of talk (conversation) will become wicked.
[3] Talk:: a) conversation; b) rumour, gossip (OED talk n. 3). Ultimate:: the ultimate of rumor is to rumor something no one can identify, and the rumorer doesn't know it's a rumor.
[4] Tell:: to distinguish, identify.