Sandburg describes a newly built stone house on a lakefront, where workers are putting up an iron fence with steel points sharp enough to kill anyone who falls on them. The speaker notes that, as fences go, it is impressively made — a “masterpiece” — but its purpose is cruel: it is designed to keep out the poor, the hungry, the homeless, and even wandering children who might want a place to play.
The tone is quietly bitter and ironic. The fence seems powerful, but the only things that can pass freely are Death, Rain, and Tomorrow — forces no barrier can stop. This creates a cold, uneasy mood, suggesting that the owners have shut themselves off from human need while still remaining vulnerable to time and mortality.