The speaker talks about fairies the way a neighbor might talk about the weather: calmly, with plenty of opinions. She has visited their land, turned down a marriage offer from the Queen's youngest son, and noticed small, unsettling details about him, like his long, blue-tipped nails. She sorts the fairies into types. The big ones on their white horses mind their own business. The little imps cause the everyday mischief, souring milk and rearranging handkerchiefs.
The most poignant part is about changelings. She sees the stolen babies, who are mostly happy but sometimes have a faraway, longing look. Their human mothers just call them "trouble," and the speaker knows no one would believe her.
The mood is dry, homely, and quietly eerie. Her plain voice makes the magic feel ordinary, while a thread of loneliness runs underneath. She holds a truth others won't accept, yet she insists it has done her no harm.