Great Doctrines of the Bible—God the Father, God the Son/ Martyn Lloyd Jones

21. The Covenant of Grace in the New Testament 

We must remember that there is only one covenant, but there are differences in the two dispensations. 

“First, -we must emphasis the superiority of new dispensation of the one covenant over the old dispensation of the same covenant. The old was mediated through the servants, Abraham and Moses, but the new has been mediated through the Son of God” (24). 

“Second, the truth in the old dispensation was partly revealed and partly hidden in the types and shadows. But in the new dispensation it is clearly revealed in the incarnation of Jesus Christ, in what He said, taught and accomplished and in the work of the Holy Spirit” (240). 

Third, “in the new dispensation it is not only clearly revealed, but the revelation has been, of course, increased and made clear by the incarnation of the Lord Himself and the work of the Spirit” (241). 

Fourth, “the new dispensation is superior to the old. Under the old dispensation the revelation was largely carnal and material in form, whereas now it is entirely spiritual” (241). You will see in Hebrew, “but deal only with food and drink and various washings, regulations for the body imposed until the time of reformation. But when Christ appeared as a high priest of the good things that have come, then through the greater and more perfect tent (not made with hands, that is, not of this creation) he entered once for all into the holy places, not by means of the blood of goats and calves but by means of his own blood, thus securing an eternal redemption” (9:10-12). 

Fifth, “the old dispensation, as we have seen, was for one people only. Now it is no longer confined, it is for all nations everywhere; it is for the world” (241). 

Sixth, “the old dispensation was clearly preparatory, while the new is final. The whole purpose of Hebrews is to demonstrate the finality of the cross. Nothing can be added, nothing needs to be added, for everything is in Him” (241). 

Seventh, “under this new economy the Holy Spirit has been poured out” (241). 

To sum up, “[t]here is only one covenant of grace and it all centres around the Lord Jesus Christ. The old points forward to Him; the new reveals Him and holds Him forth to us in person. He alone is the fulfillment of everything that is promised with regard to redemption was fully and clearly made with Him” (242). The covenant was originally made between the Father and the Son. Jesus Christ is “our representative, our mediator, our surety, our guarantor” (243). Jesus Christ “contracted to keep, to honour and to fulfill the covenant of works which was first broken by Adam in the Garden of Eden,” “He contracted to deal with the results of the fall, of the sin and the pollution of man,” and “He guaranteed the performance on our part of all the duties devolved on us in the covenant” (243). All this involves that the “Son must become the second man, the second Adam,” “He must assume our place; He must take our nature upon Himself,” and “He must undertake all our obligations” (243).