What does the allusion to midas in the third stanza reveal about the speaker

The allusion to Midas reveals the differences of ages between the Chaperon and Midas.

Explanation:

Third stanza:

"They bow as my young Midas here (emphasys on the young)

Will never learn to bow

(The dancing-masters do not teach

That gracious reverence now) ( ...) "; (Such things aren't taught to the young anymore)

The contrast between their ages is clearer during the fourth stanza:

"I watch my chaperon's face,

And see the dear old features take (the chaperon is old)

A new and tender grace;

And in her happy eyes I see

Her youth awakening bright,

With all its hope, desire, delight--

Ah, me! I wish that I were quite

As young--as young as she!" (I wish I were as young as she)