I have wrapped my dreams in a silken cloth,
And laid them away in a box of gold.
These lines refer to the fact that, as a young persecuted colored man of the time, he must carefully put away his dreams and his aspirations, because its not yet time for them to be fully realized. He knows that there will be a right time and a right place for him to release them, but until that time comes along, he must protect them, so they do not wither.