But sin is an evil, and punishment is an evil (else why would anyone want to avoid it?). So this idea essentially says the evil of punishment cancels the evil of sin. Or, in common terms, two wrongs make a right.
This is both absurd and dishonoring to God. The atonement was not some kind of payment in suffering for sin, as thought suffering were some coin which someone was willing to accept to forgive sin. Does God cherish suffering?
The atonement was pictured by the Old Testament sacrifices. Is there anywhere in the Old Testament that the idea of the animals being "punished" is taught. Always, the shed blood of the animals is described as a "covering" (which, by the way is the exact meaning of the atonement.)
The atonement was not a transaction that bought the forgiveness of an exact number of sins, but a contract between the Father and Son, which purchased universal reconciliation for all those who would throw down the arms of rebellion and accept the pardon offered in the precious Blood of Christ.
A limited atonement is the product of human invention and belongs properly to a limited God with limited Sovereignty. The atonement the Bible talks about is infinite in scope, and efficacious for all who will accept it.
Hank
5But he was wounded for our transgressions, he was bruised for our iniquities; the chastisement of our peace was upon him; and with his stripes we are healed. 6All we like sheep have gone astray; we have turned every one to his own way; and Jehovah hath laid on him the iniquity of us all. 7He was oppressed, yet when he was afflicted he opened not his mouth; as a lamb that is led to the slaughter, and as a sheep that before its shearers is dumb, so he opened not his mouth. 8By oppression and judgment he was taken away; and as for his generation, who among them considered that he was cut off out of the land of the living for the transgression of my people to whom the stroke was due? 9And they made his grave with the wicked, and with a rich man in his death; although he had done no violence, neither was any deceit in his mouth. 10Yet it pleased Jehovah to bruise him; he hath put him to grief: when thou shalt make his soul an offering for sin, he shall see his seed, he shall prolong his days, and the pleasure of Jehovah shall prosper in his hand. 11He shall see of the travail of his soul, and shall be satisfied: by the knowledge of himself shall my righteous servant justify many; and he shall bear their iniquities.
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Clearly this passage looks forward to the death of Jesus Christ. Christ's sacrifice is the fulfilment of all that was prefigured in the Levitical sacrifices. This text overturns Finneyism and responds to your post.
Did you notice this part Steve? Most people don't recognize that this Covenant is between the Father and the Son. Election is determined by the Father; no one CAN come unless the Father draws him. The Son is willing to save ALL who are elected by the Father.