The efficacy of the atonement is complete. “The Lamb of God,” thus slain, “taketh away sin,” both with respect to its guilt and its defilement. He who thus sees the Son, and believes on Him is delivered from guilt and condemnation, and is justified from all sin. He is warranted to plead the sufferings of the Lamb of God as his own; and the whole of the Saviour’s obedience unto death, as the ground and title of his acceptance unto life.
The Saviour is now received and enthroned in the heart, and from His fullness the life of grace is derived and maintained. Thus not only the guilt, but the love of sin, and its domination are taken away, subdued by grace, and cordially renounced by the believing pardoned sinner. The blood which frees him from distress, preserves a remembrance of the great danger and misery from which he has been delivered warm upon his heart, inspires him with gratitude to his Deliverer, and furnishes him with an abiding and constraining motive for cheerful and universal obedience.
(Taken from “The Lamb of God, The Great Atonement” in The Works of John Newton, 4:189-190)
When I survey the wondrous cross
On which the Prince of glory died,
My richest gain I count but loss,
And pour contempt on all my pride.
— Isaac Watts