I have, for some time, been much like Tubbs in my reformed theology. I've not been too keen to add Limited Atonement to my belief system and have often cringed at the idea. However, I have recently been confronted with some questions that are difficult for me to answer as I try to deny the doctrine of limited atonement. This is basically the idea that John Owen brings forth in his definitive work on the atonement The Death of Death in the Death of Christ.
His point is basically this: If Jesus died for the sins of the whole world, God would be unjust by sending anyone to Hell, because their sins would have been paid for by Jesus on the cross.
The objection to this is often that because of Jesus, God offers us the gift of salvation and we as the elect are regenerated and thus able to accept the gift of grace while the unregenerate are not. But it isn't theologically correct to view salvation as a gift in this manner. The death of Christ was, rather, the payment of our debt. We must die because of our sin. Christ died, the sin is paid. The debt is paid. Who did Christ die for??
If I owe 10 million to the bank, I will never be able to pay it off and I am legally going to pay a big price. But, if someone goes and pays my debt, I am no longer responsible for that debt. Even if I don't know about it. Even if I say, "no, I don't want this gift, I want to suffer," the bank and the law can do nothing, they cannot prosecute, because the debt has been paid.
Jesus paid for the debt of sin on the cross. It is finished. If God sent sinners to Hell whose debt had already been paid, He would be unjust indeed.
This is an extremely difficult doctrine and is the most debated TULIP because it is least clearly expressed by scripture. I would never, and most respectable reformed folks do not, make this too big of an issue. However, I have been struggling with these questions, and with Owen's massive book. Someone challenged me to read it and then make my decision on the atonement. Maybe you should try the same challenge. Who knows, maybe you can even convince me of my error?
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