The 'rods' being mentioned here were in reference to box cars on trains which had rods beneath them.

The bum on the rods is hunted down as an enemy of mankind
The other is driven around to his club, is feted, wined and dined

And they who curse the bum on the rods as the essence of all that's bad
Will greet the other with a willing smile and extend a hand so glad

The bum on the rods is a social flea who gets an occassional bite
The bum on the plush is a social leech, bloodsucking day and night

The bum on the rods is a load so light that his weight we scarcely feel
But it takes the labour of dozens of folks to furnish the other a meal

As long as we sanction the bum on the plush the other will always be there
But rid ourselves of the bum on the plush and the other will dissappear

Then make an intelligent organised kick get rid of the weights that crush
Dont worry about the bum on the rods get rid of the bum on the plush