Psalms 130:4-6

Verse 4

But there is forgiveness with thee - Thou canst forgive; mercy belongs to thee, as well as judgment. The doctrine here is the doctrine of St. John: "If any man sin, we have an Advocate with the Father, Jesus Christ the righteous; and he is the propitiation for our sins, and not for ours only, but also for the sins of the whole world." "Hear, O heavens, and give ear, O earth; for the Lord hath spoken!" Jesus has died for our sins; therefore God can be just, and yet the justifier of him who believeth in Jesus.
Verse 5

I wait for the Lord - The word קוה kavah, which we translate to wait, properly signifies the extension of a cord from one point to another. This is a fine metaphor: God is one point, the human heart is the other; and the extended cord between both is the earnest believing desire of the soul. This desire, strongly extended from the heart to God, in every mean of grace, and when there is none, is the active, energetic waiting which God requires, and which will be successful.
Verse 6

More than they that watch for the morning - I believe the original should be read differently from what it is here. The Chaldee has, "More than they who observe the morning watches, that they may offer the morning oblation." This gives a good sense, and is, perhaps, the true meaning. Most of the Versions have "From the morning to the night watches." Or the passage may be rendered, "My soul waiteth for the Lord from the morning watches to the morning watches." That is, "I wait both day and night."
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