[1] Behold, a king shall reign in righteousness, and princes shall rule in judgment.

[2] And a man shall be as an hiding place from the wind, and a covert from the tempest; as rivers of water in a dry place, as the shadow of a great rock in a weary land.

[3] And the eyes of them that see shall not be dim, and the ears of them that hear shall hearken.

[4] The heart also of the rash shall understand knowledge, and the tongue of the stammerers shall be ready to speak plainly.

[5] The vile person shall be no more called liberal, nor the churl said to be bountiful.

[6] For the vile person will speak villany, and his heart will work iniquity, to practise hypocrisy, and to utter error against the Lord, to make empty the soul of the hungry, and he will cause the drink of the thirsty to fail.

[7] The instruments also of the churl are evil: he deviseth wicked devices to destroy the poor with lying words, even when the needy speaketh right.

[8] But the liberal deviseth liberal things; and by liberal things shall he stand.

Both are Jesus Christ. Verse 1 describes Him as a king who shall reign in righteousness. Verse 2 describes Him as becoming a man who can provide shelter in the time of storm (spiritually). Hymn No. 407 in the Saints’ Hymnal uses the language of verse 2.

407. “A Shelter in the Time of Storm”
Oh, Jesus is a Rock in a weary land, a weary land, a weary land;
Oh, Jesus is a Rock in a weary land! A shelter in the time of storm.

It is most likely describing the current day, since the restoration of the gospel. Christ is our king today and the princes in verse 1 are those who are called to minister. Those who are part of the family of God have spiritual eyes that are not dim and are not only hearers of the Word, but doers of the Word. God can also cause those who are not strong in speech to bring forth His Word.

It could refer to the time of Zion since the conditions at that time will be similar to what is described above, except more widespread. However, based on the rest of the chapter, it doesn’t sound like this would apply to Zion (or to the Millennial Reign, during which Jesus will reign over all).

In general, they are saying that the time will arrive when people will need to be who they really are, rather than go back and forth or remain on the fence. We may already be approaching that time. See prophecy in 1 Nephi 14. 

“Behold there are save two churches only; the one is the church of the Lamb of God, and the other is the church of the devil; wherefore, whoso belongeth not to the church of the Lamb of God belongeth to that great church, which is the mother of abominations.” (1 Nephi 14:10)

• Verse 5: An evil (vile) person will no longer be called noble or generous (liberal). A churl (someone who is mean-spirited and not generous) will not be thought of as honorable (bountiful).
• Verse 6: The vile person will speak evil words and do evil works, seeking to draw people away from the Lord.
• Verse 7: The churl will be uncaring toward the poor.
• Verse 8: The noble or generous person will do works that illustrate that and will stand for noble causes (such as the cause of Christ).