And he dances, and he yells;
Keeping time, time, time
In a sort of Runic rhyme
To the pæan of the bells —
Of the bells:
Keeping time, time, time
In a sort of Runic rhyme
To the throbbing of the bells —
Of the bells, bells, bells —
To the sobbing of the bells;
Keeping time, time, time
As he knells, knells, knells
In a happy Runic rhyme
To the rolling of the bells —
Of the bells, bells, bells —
To the tolling of the bells
The phrase  Runic rhyme  was also used  in the first stanza , as well as earlier in this one. Poe is implying that the way we celebrate holidays (in stanza I) is no different than the way the Ghouls celebrate misery and death.
The Bells