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That the hymn writer's doctrine here is correct can be seen particularly clearly in the parable of the unforgiving servant (cf. Matthew 18:21-35) - the eponymous servant received (extraordinary) grace through the large cancellation of his debt but upon his insistence that another servant repay a much smaller debt owed to him, he was judged not worthy of the ...


I think ... that it is almost certainly a case of poetic license here. It's simply saying "I'm incredibly immeasurably grateful for this gift of grace and I want to dedicate my life to you because of it".

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