"Come and hire me," I cried, while in the morning I was walking on the stone-paved road.
Sword in hand, the King came in his chariot.
He held my hand and said, "I will hire you with my power."
But his power counted for nought, and he went away in his chariot.

In the heat of the midday the houses stood with shut doors.
I wandered along the crooked lane.
An old man came out with his bag of gold.
He pondered and said, "I will hire you with my money."
He weighed his coins one by one, but I turned away.

The sun glistened on the sand, and the sea waves broke waywardly.
A child sat playing with shells.
He raised his head and seemed to know me, and said, "I hire you with nothing."
From thenceforward that bargain struck in child's play made me a free man.

This is a poem named Last Bargain by Rabindranath Tagore.

I am able to follow what it means by "I will hire you with my money."

Can you tell me How I should understand the statement "I will hire you with my power"?
I'm not sure but I have an interesting idea that the problem isn't in with but in hire.

Hire may mean something like the payment for the hire.

So that it seems to me that "I will hire you with my power" - means I would like to hire you and if you agree I'll reward you for it with power.
Thank you, Skif.

I had a doubt with the word 'with' because I could not understand what 'hire with power' means.

The idea you have mentioned, which is convincing to me, means this: I will hire you for power.