Here is The Spirit of Carnival, an allegorical engraving of the time, with this idea of renovation, with several symbolic elements: music, the wild horse (sexuality?) the planted seed (or it's money pouring out of the guy's wallet?), the Moon on the hat (night time?), the flowers (gallant time of the year), the expressionless face, the "volto" mask.
This is all my interpretation, at least, since I didn't find anything further about it.