Baptism and the covenant of grace (Johann Gerhard)

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Reformed Covenanter

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How would you interpret the below quotation from the Lutheran scholastic, Johann Gerhard on baptism and the covenant of grace?

49 We sticking close to the literal sense of the words (as we must always do in articles of faith) do firmly believe that Baptism is an effectual means by which man is regenerated and renewed unto eternal life.

50 Which end comprehends in it, Adoption, Remission of sin, Ingraftng into Christ, Sanctification, and the Inheritance of eternal life.

51 But we deny that Baptism doth either imprint an indelible character; or confer grace (ex opere operato) upon the work done, or outward act of administration; or that it doth take away and altogether blot out both sin and the punishment thereof. For concerning this matter the Scripture is silent.

52 Furthermore, seeing that in Baptism God doth make a Covenant of grace with man, certainly the efficacy thereof endureth throughout a man’s whole life.

53 For the Covenant of God is not made of no effect by reason of our unbelief. Rom. 3.3.

54 Therefore though we should for our parts go never so far astray from this covenant, yet by true and serious conversion we may return, and be received again into it.

Johann Gerhard, The Sum of Christian Doctrine, trans. Ralph Winterton (Cambridge: Roger Daniel, 1640), pp 211-12.
 
I am not a really skilled Lutheran theologian but it has some affinities to the distinction between signa nd seal in the Sacramental theology of the Westminster Standards. I mean that not in an FV sense but in the sense that for those to whom the graces belong (the elect) the graces signified by a Sacrament are really conferred (sealed) by the Spirit.
 
How would you interpret the below quotation from the Lutheran scholastic, Johann Gerhard on baptism and the covenant of grace?

49 We sticking close to the literal sense of the words (as we must always do in articles of faith) do firmly believe that Baptism is an effectual means by which man is regenerated and renewed unto eternal life.

50 Which end comprehends in it, Adoption, Remission of sin, Ingraftng into Christ, Sanctification, and the Inheritance of eternal life.

51 But we deny that Baptism doth either imprint an indelible character; or confer grace (ex opere operato) upon the work done, or outward act of administration; or that it doth take away and altogether blot out both sin and the punishment thereof. For concerning this matter the Scripture is silent.

52 Furthermore, seeing that in Baptism God doth make a Covenant of grace with man, certainly the efficacy thereof endureth throughout a man’s whole life.

53 For the Covenant of God is not made of no effect by reason of our unbelief. Rom. 3.3.

54 Therefore though we should for our parts go never so far astray from this covenant, yet by true and serious conversion we may return, and be received again into it.

Johann Gerhard, The Sum of Christian Doctrine, trans. Ralph Winterton (Cambridge: Roger Daniel, 1640), pp 211-12.
Daniel,

As you know, I'm no scholar, nor am I too terribly acquainted with Lutheran views of the sacraments outside of limited reading and interaction with faithful Lutherans (my mother moved her church membership into the LCMS for a number of years, and I interacted with members there on visits). That being said, the views expressed here seem to be at odds and are a mild departure from how I've understood baptism amongst Lutherans. 49 and 50 seem to be harmonious with the Reformed understanding of baptism. Although I would say may be an effectual means since regeneration may and often comes later. 51 seems to be the strange departure to me, at least. That grace is not conferred or imprinted confuses how Lutherans understand baptismal regeneration, doesn't it? How are the sins and punishment not removed? Is he making a distinction between the symbol and the symbolized here?
 
This is pretty standard. Luther in his catechism distinguishes the external sign of water in baptism from the word and Spirit. Baptism doesn't regenerate; the Spirit does; but the Spirit gives that benefit to those baptized with water. This is what we find early in the Fathers too with Tertullian.
The words of Luther:
"How can water do such great things?
Certainly not just water, but the word of God in and with the water does these things, along with the faith which trusts this word of God in the water. For without God’s word the water is plain water and no Baptism. But with the word of God it is a Baptism, that is, a life-giving water, rich in grace, and a washing of the new birth in the Holy Spirit, as St. Paul says in Titus, chapter three: 'He saved us through the washing of rebirth and renewal by the Holy Spirit, whom He poured out on us generously through Jesus Christ our Savior, so that, having been justified by His grace, we might become heirs having the hope of eternal life. This is a trustworthy saying.' (Titus 3:5–8)"
 
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