The pit is probably a proper physical pit, as in a hole. In the 19th century some believed that one could travel through the earth from the North Pole to the South Pole. I believe the poem is referencing this theory of the Earth's structure. Thus the blackness is the blackness of an abyss that extends deep within the earth.
Edgar Allen Poe made use of this theory in his "MS. Found in a Bottle."
Background on the theory, from Wikipedia:
In 1818, John Cleves Symmes, Jr. suggested that the Earth consisted of a hollow shell about 1,300 km (810 mi) thick, with openings about 2,300 km (1,400 mi) across at both poles with 4 inner shells each open at the poles. Symmes became the most famous of the early Hollow Earth proponents. He proposed making an expedition to the North Pole hole, thanks to efforts of one of his followers, James McBride. United States president John Quincy Adams indicated he would approve of this but he left office before this could occur. ..
Jeremiah Reynolds also delivered lectures on the "Hollow Earth" and argued for an expedition. Reynolds went on an expedition to Antarctica himself but missed joining the Great U.S. Exploring Expedition of 1838–1842, even though that venture was a result of his agitation.
Though Symmes himself never wrote a book about his ideas, several authors published works discussing his ideas. McBride wrote Symmes' Theory of Concentric Spheres in 1826. It appears that Reynolds has an article that appeared as a separate booklet in 1827: Remarks of Symmes' Theory Which Appeared in the American Quarterly Review. In 1868, a professor W.F. Lyons published The Hollow Globe which put forth a Symmes-like Hollow Earth hypothesis, but failed to mention Symmes himself. Symmes's son Americus then published The Symmes' Theory of Concentric Spheres in 1878 to set the record straight.