But...

That is the way faith reasons. It says: 'All right, I see the waves and the billows but' - it always puts up this 'but'. That is faith, it holds on to truth and reasons from what it knows to be fact. That is the way to apply faith. These men did not do that and that is why they became agitated and panic stricken. And you and I will become panic stricken and agitated it we fail to to the same. Whatever the circumstances, therefore, stand, wait for a moment. Say 'I admit it all, but-' But what? But God! but the Lord Jesus Christ! But what? The whole of my salvation! That is what faith does All things may seem to be against me 'to drive me to despair'. I do not understand what is happening; but I know this, I know that God has so loved me that He sent His only begotten Son into this world for me, I know that while I was an enemy, God sent His only Son to die on the Cross on Calvary's Hill for me. He has done that for me while I was an enemy, a rebellious alien. I know that the Son of God 'loved me and gave Himself for me'. I know that at the cost of His life's blood I have salvation and that I am a child of God and an heir to everlasting bliss. I know that. Very well, then, I know this, that 'if when we were enemies, we were reconciled to God by the death of His Son, much more, being reconciled we shall be saved by His life' (Romans 5:10). It is inevitable logic. and faith argues that. Faith reminds itself of what the Scripture calls 'the exceeding great and precious promises'. Faith says: 'I cannot believe that He who has brought me so far is going to let me down at this point. It is impossible, it would be inconsistent with the character of God'. So faith, having refused to be controlled by circumstances, reminds itself of what it believes and what it knows.

From Where is Your Faith? Chapter 10, Spiritual Depression, D. Martyn Lloyd-Jones, Eerdmans, pages 144-145. (emphasis mine)