It will be well to pause here and consider the word translated `count' in this context as

it is vital to the argument. The word in the Greek is the verb logizomai which occurs no

less than eleven times in this chapter. It is translated `count' in verses 3 and 5, `reckon'

(verses 4, 9, 10), `impute' (verses 6, 8, 11, 22, 23, 24). Looking carefully at the context

we note that it is used in two different ways (1) of imputing something, (2) imputing one

thing for another.  The former sense occurs in verses 6, 8, 10, 11, 23, 24. In these

passages one thing is not imputed for another, wages, righteousness and sin are

actualities. But in verses 3, 5 and 22 faith is imputed for righteousness. We have the

same thought in 2: 26, "therefore if the uncircumcision keep the righteousness of the

law, shall not his uncircumcision be counted for circumcision?".

The principle of faith is of extreme importance, but we must not go to the length of

making it another "work". If we do, then we empty the gospel of the grace of God of all

its meaning. Faith is not a work, although it leads to works, but this is another matter.

We have a comparatively modern example of these two expressions. There was a time in

the history of our country when the standard coin of the realm was the golden sovereign.

One could never have said with truth that the golden sovereign was reckoned for twenty

shillings for it actually was worth twenty shillings. Whatever happened to it! Today we

have a pound note.  Its purchasing power is exactly the same as that of a golden

sovereign, but it would be very unwise to conclude that the note itself was actually of the

same value as the gold; it was and is merely "reckoned for" £1. The intrinsic value of

each would be evident if both were dropped into the fire. The sovereign would survive,

but the note would quickly be reduced to ash. On the other hand we must not think that

the value of the £1 note is fictional, for behind it are the resources of Great Britain.

So it is with faith or trust. Faith is not righteousness; but is reckoned by God for

righteousness. The real righteousness is found only in the Lord. Nevertheless faith is

precious and is the one thing necessary to please God (Heb. 11: 6), but we must not

magnify it into a procuring cause or a work of merit on our part. As Charles H. Welch

expresses it so aptly, "there, in the great capital Bank of Heaven, is the genuine gold of

perfect righteousness, wrought by Another (the Lord Jesus) on our behalf, that alone

makes our faith of any value" (Just and the Justifier, p.77).

The section of the epistle we are now dealing with stresses three things:

Romans 4: 3 reads:

The Apostle is clearly quoting Gen. 15: 6, but we have a problem here because in the

Genesis record we are assured that Abraham believed God some time before this.

Hebrews 11: 8 states that "By faith Abraham, when he was called to go out unto a place