"The mystery of sanctification is that the perfections of Jesus Christ are imparted to me, not gradually, but instantly when by faith I enter into the realisation that Jesus Christ is made unto me sanctification. Sanctification does not mean anything less than the holiness of Jesus being made mine manifestly." -- Oswald Chambers, My Utmost for His Highest
2 Corinthians 5:21
For our sake he made him to be sin who knew no sin, so that in him we might become the righteousness of God.
Grace is getting something good that you did not deserve.
Mercy is not getting something bad that you did deserve.
Grace imputes righteousness to us;
Mercy imputes wickedness to Christ.
God’s grace gives us Christ’s righteous reward.
His mercy gives Christ our due punishment.
God doesn’t treat us as our sins deserve, but He must treat our sins as our sins deserve.
Thus, He put our sins on His Son and put His Son's righteousness on us.
Grace imparts sanctification;
Mercy imparts substitution.
Rock of Ages, cleft for me,
Let me hide myself in Thee;
Let the water and the blood,
From Thy riven side which flowed,
Be of sin the double cure,
Cleanse me from its guilt and power.
-- Augustus Toplady, Rock of Ages
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