Lyric discussion by I.Ryazanov 

In my view the song is about the Tybee Island Lighthouse.

i am pretty sure about this when i read the lines:

"...I'm a watchman I'm a slave (Because the lighthouse is to guard the coast line and prevent shipwrecks for however long, until it is demolished or replaced or is put out of service, but all of it is regardless of it's will)

Now I'm safe Now I'm grave Now I'm safe..."

(Thses lines make me think of the light house switching the light on and off and then on again, on a dark and foggy night, when there are a lot of ships out by the coast)

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