By Grace Alone - The Great Exchange

And when I think of how,

At Calvary,

He bore sin's penalty

Instead of me,

Amazed, I wonder why

He, the sinless One, should die

For one so vile as I;

My Saviour he!

When God made His covenant with Abraham, He moved as a light between the two parallel lines of slain animals (Gen. 15). God said, symbolically, to Abraham, "If it costs Me My existence to bring this covenant promise of blessing to pass, I will pay that price."

This is the heart of the gospel.  That is the reason why God became man.  That is the meaning of Jesus' life and ministry. That is the significance of the cross.  The arrow of God's judgment against our sin penetrated the heart of God Himself on Calvary.  As he brought His covenant pledge to fulfillment, God Himself took our guilt and and its judgment.  The cross says: "I am bearing the penalty of your guilt Myself, and I will set you free from its bondage and its power."

The exchange on the cross of Calvary is the fundamental exchange.  But it is also the beginning of new exchanges...   

[W]e have a different view of Jesus because He is Lord and Savior.  We Love Him.  We trust Him.  We sense His presence.  We know His power.  We see His direction.  We live for His praise. He has become our Master.  The old has gone, the new has come.  There has been an exchange. 

By Grace Alone, Sinclair Ferguson, Reformation Trust Publishing, pages 58 & 60.