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What has been entered below is from BARNES' NOTES - Commentary On 1 Peter verses 4 & 5
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Verse 4. To an inheritance. Through the resurrection of the Lord Jesus we now cherish the hope of that future inheritance in heaven. On the word inheritance, Acts 20:32; Ephesians 1:11, Ephesians 1:14, Ephesians 1:18; Colossians 1:12. Christians are regarded as the adopted children of God, and heaven is spoken of as their inheritance-as what their Father will bestow on them as the proof of his love.

Incorruptible. It will not fade away and vanish, as that which we inherit in this world does. See the word explained 1 Corinthians 9:25. The meaning here is, that the inheritance will be imperishable, or will endure for ever. Here, to whatever we may be heirs, we must soon part with the inheritance; there it will be eternal.

And undefiled. Hebrews 7:26; Hebrews 13:4; James 1:27. The word does not elsewhere occur in the New Testament. As applied to an inheritance, it means that it will be pure. It will not have been obtained by dishonesty, nor will it be held by fraud; it will not be such as will corrupt the soul, or tempt to extravagance, sensuality, and lust, as a rich inheritance often does here; it will be such that its eternal enjoyment will never tend in any manner to defile the heart. "How many estates," says Benson, "have been got by fraudulent and unjust methods; by poisoning, or in some other way murdering the right heir; by cheating of helpless orphans; by ruining the fatherless and widows; by oppressing their neighbours, or grinding the faces of the poor, and taking their garments or vineyards from them! But this future inheritance of the saints is stained by none of these vices; it is neither got nor detained by any of these methods; nor shall persons polluted with vice have any share in it." Here no one can be heir to an inheritance of gold or houses without danger of soon sinking into indolence, effeminacy, or vice; there the inheritance may be enjoyed for ever, and the soul continually advance in, knowledge, holiness, and the active service of God.

And that fadeth not away. Gr. αμαραντον. This word occurs nowhere else in the New Testament, though the word αμαραντινος (amarantine) occurs in 1 Peter 5:4, applied to a crown or garland. The word is properly applied to that which does not fade or wither, in contradistinction from a flower that fades. It may then denote anything that is enduring, and is applied to the future inheritance of the saints to describe its perpetuity in all its brilliance and splendour, in contrast with the fading nature of all that is earthly. The idea here, therefore, is not precisely the same as is expressed by the word "incorruptible." Both words indeed denote perpetuity, but that refers to perpetuity in contrast with decay; this denotes perpetuity in the sense that everything there will be kept in its original brightness and beauty. The crown of glory, though worn for millions of ages, will not be dimmed; the golden streets will lose none of their lustre; the flowers that bloom on the banks of the river of life will always be as rich in colour, and as fragrant, as when we first beheld them.

Reserved in heaven for you. Marg., us. The difference in the text margin arises from the various readings in MSS. The common reading is "for you." The sense is not materially affected. The idea is, that it is an inheritance appointed for us, and kept by one who can make it sure to us, and who will certainly bestow it upon us. Matthew 25:34; John 14:2; Colossians 1:5.

Verse 5. Who are kept by the power of God. That is, "kept" or preserved in the faith and hope of the gospel; who are preserved from apostasy, or so kept that you will finally obtain salvation. The word which is here used and rendered kept, (φρουρεω-phroureo,) is rendered in 2 Corinthians 11:32, kept with a garrison; in Galatians 3:23, and here, kept; in Philippians 4:7, shall keep. It does not elsewhere occur in the New Testament. It means to keep, as in a garrison or fortress; or as with a military watch. The idea is, that there was a faithful guardianship exercised over them to save them from danger, as a castle or garrison is watched to guard it against the approach of an enemy. The meaning is, that they were weak in themselves, and were surrounded by temptations; and that the only reason why they were preserved was, that God exerted his power to keep them. The only reason which any Christians have to suppose they will ever reach heaven, is the fact that God keeps them by his own power. Comp. Philippians 1:6; 2 Timothy 1:12; 2 Timothy 4:18. If it were left to the will of man; to the strength of his own resolutions; to his power to meet temptations, and to any probability that he would of himself continue to walk in the path of life, there would be no certainty that any one would be saved.

Through faith. That is, he does not keep us by the mere exertion of power, but he excites faith in our hearts, and makes that the means of keeping us. As long as we have faith in God, and in his promises, we are safe. When that fails, we are weak; and if it should fail altogether, we could not be saved. Ephesians 2:8.

Unto salvation. Not preserved for a little period, and then suffered to fall away, but so kept as to be saved. We may remark here that Peter, as well as Paul, believed in the doctrine of the perseverance of the saints. If he did not, how could he have addressed these Christians in this manner, and said that they were "kept by the power of God unto salvation". What evidence could he have had that they would obtain salvation, unless he believed in the general truth that it was the purpose of God to keep all who were truly converted?

Ready to be revealed in the last time. That is, when the world shall close. Then it shall be made manifest to assembled worlds that such an inheritance was "reserved" for you, and that you were "kept" in order to inherit it. Matthew 25:34. This verse, then, teaches that the doctrine that the saints will persevere and be saved, is true. They are "kept by the power of God to salvation;" and as God has all power, and guards them with reference to this end, it cannot be but that they will be saved. It may be added,

(a.) that it is very desirable that the doctrine should be true. Man is so weak and feeble, so liable to fall, and so exposed to temptation, that it is in itself every way a thing to be wished that his salvation should be in some safer hands than his own.

(b.) If it is desirable that it should be true, it is fair to infer that it is true, for God has made all the arrangements for the salvation of his people which are really desirable and proper.

(c.) The only security for the salvation of any one is founded on that doctrine. If it were left entirely to the hands of men, even the best of men, what assurance could there be that any one could be saved Did not Adam fall? Did not holy angels fall? Have not some of the best of men fallen into sin? And who has such a strength of holiness that he could certainly confide in it to make his own salvation sure? Any man must know little of himself, and of the human heart, who supposes that he has such a strength of virtue that he would never fall away if left to himself. But if this be so, then his only hope of salvation is in the fact that God intends to "keep his people by his own power through faith unto salvation"