They have a little Odor that to me — Fading Poet

They have a little Odor－that to me ¹
Is metre－nay－'tis melody－
And spiciest at fading－indicate－
A Habit－of a Laureate－

(F.505/J.785)

[1] They:: poems (written by a poet laureate). Odor:: a) reputation, fame; b) smell.
[2] metre, melody:: the poems' metre (melody) that emitted the odor.
[3] fading:: a poet's fading fame and (the odor of) his fading clothing.
[4] Habit:: a) style; b) a clothing, raiment. (OED habit n. 1a) Laureate:: a poet laureate, a title given to eminent poets.