What does the 2nd verse of the star spangled banner mean?

The lyrics are inquiring into the fate of the land after a real night long battle with the British in 1800s. If the flag of the United States of America still stands that means freedom in the land was not defeated in the cover of night. If British have raised the Union flag then victory is lost.

Symbolically the lyrics generalize the struggle of the People to preserve hope and liberty from the uncertainty of the future.

--The lyrics were inspired by a real battle witnessed by Francis Scott Key--