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The thing that hath been - Every thing in the whole economy of nature has its revolutions; summer and winter, heat and cold, rain and drought, seedtime and autumn, with the whole system of corruption and generation, alternately succeed each other, so that whatever has been shall be again. There is really, physically, and philosophically, nothing absolutely new under the sun, in the course of sublunary things. The same is the case in all the revolutions of the heavens.
Hath been … is done - i. e., Hath happened in the course of nature … is done by man.