The first two lines of the hymn are "Savior, again to Thy dear name we raise / With one accord our parting hymn of praise," sung to these musical phrases:
The "rais[ing]" is metaphorical, but because these phrases ascend, there's a literal sense of it in the music, for both the verb ("we raise") and the direct object ("our parting hymn of praise").
The last line of the first verse is "Then, lowly bending, wait Thy word of peace," sung to this phrase:
The opposite effect is illustrated here: the phrase "lowly bending" is sung to a descending group of notes (A G G E), providing a sense of that action.
