Blest are the souls that [who] hear and know. I. Watts. [Ps. lxxxix.] Pt. jii. of his C.M. rendering of Psalm 89, in 3 stanzas of 4 lines, which appeared in his Psalms of David, &c, 1719, with the heading "The Blessed Gospel." Whitefield included it in his Collection in 1753, No. 72; and Toplady in his Psalms & Hymns, 1776, No. 32. It thus came into general use, and is still found in numerous collections in Great Britain and America.
-- John Julian, Dictionary of Hymnology (1907)