Let me confess that we two must be twain,
Although our undivided loves are one:
So shall those blots that do with me remain,
Without thy help, by me be borne alone.
In our two loves there is but one respect,
Though in our lives a separable spite,
Which though it alter not love’s sole effect,
Yet doth it steal sweet hours from love’s delight.
I may not evermore acknowledge thee,
Lest my bewailed guilt should do thee shame,
Nor thou with public kindness honour me,
Unless thou take that honour from thy name:
But do not so; I love thee in such sort,
As thou being mine, mine is thy good report.
The essence of this poem is expressed in the first three words: Let me confess. The speaker is confessing that he has done something wrong, the result of which is the separation of the two lovers. This sentiment is echoed in line 10, where he mentions guilt and shame.
As this is another of the fair youth sonnets, where Shakespeare is expressing his love toward a young man, I am curious as to what it was that the speaker did which would have caused such a public disgrace that the two could no longer be seen together. I cannot find any hints in the text as to what might have happened. But the emotion is clear. There is regret on the part of the speaker for his part in the separation, a feeling that too many of us have experienced in our past failed relationships.