What are the literal and figurative meanings of this phrase: "The President will protect with the sword what he considers fairly bought"?

Your question presupposes that there is one "literal meaning" to the word in question whereas there are a number of "figurative meanings". Where there are multiple meanings they can be read differently. It doesn't matter whether they are literal or figurative; it is quite possible for two literal meanings of the same word to be read differently. E.g. "I know the ship has a bow, but I don't know who it was that tied it."