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At the end of his life, Newton (b. London, England, 1725; d. London, 1807) said, “There are two things I'll never forget: that I was a great sinner, and that Jesus Christ is a greater Savior!” This hymn is Newton's spiritual autobiography, but the truth it affirms–that we are saved by grace alone–is one that all Christians may confess with joy and gratitude.
Bert Polman, Psalter Hymnal Handbook
The Catechism says that those who know Christ’s forgiveness are “to thank God for such deliverance” (Heidelberg Catechism, Lord’s Day 1, Question and Answer 2). As a result, “With our whole lives we may show that we are thankful to God for his benefits, so that he may be praised through us, and that we may be assured of our faith by its fruits, and so that by our godly living our neighbors may be won over to Christ” (Heidelberg Catechism, Lord’s Day 32, Question and Answer 86).