“When we say, that grace was obtained for us by the merit of Christ, our meaning is, that we were cleansed by his blood, that his death was an expiation for sin, ‘His blood cleanses us from all sin.’ ‘This is my blood, which is shed for the remission of sins,’ (1 John 1:7; Luke 22:20). If the effect of his shed blood is, that our sins are not imputed to us, it follows, that by that price the justice of God was satisfied. To the same effect are the Baptist’s words, ‘Behold the Lamb of God, which taketh away the sin of the world,’ (John 1:29). For he contrasts Christ with all the sacrifices of the Law, showing that in him alone was fulfilled what these figures typified. But we know the common expression in Moses—Iniquity shall be expiated, sin shall be wiped away and forgiven. In short, we are admirably taught by the ancient figures what power and efficacy there is in Christ’s death. And the Apostle, skilfully proceeding from this principle, explains the whole matter in the Epistle to the Hebrews, showing that without shedding of blood there is no remission (Heb. 9:22). From this he infers, that Christ appeared once for all to take away sin by the sacrifice of himself. Again, that he was offered to bear the sins of many (Heb. 9:12). He had previously said, that not by the blood of goats or of heifers, but by his own blood, he had once entered into the holy of holies, having obtained eternal redemption for us. Now, when he reasons thus, ‘If the blood of bulls and of goats, and the ashes of an heifer sprinkling the unclean, sanctifieth to the purifying of the flesh: how much more shall the blood of Christ, who through the eternal Spirit offered himself to God, purge your consciences from dead works to serve the living God?’ (Heb. 9:13, 14), it is obvious that too little effect is given to the grace of Christ, unless we concede to his sacrifice the power of expiating, appeasing, and satisfying: as he shortly after adds, ‘For this cause he is the mediator of the new testament, that by means of his death, for the redemption of the transgressions that were under the first testament, they which are called might receive the promise of eternal inheritance,’ (Heb. 9:15). But it is especially necessary to attend to the analogy which is drawn by Paul as to his having been made a curse for us (Gal. 3:13). It had been superfluous and therefore absurd, that Christ should have been burdened with a curse, had it not been in order that, by paying what others owed, he might acquire righteousness for them. There is no ambiguity in Isaiah’s testimony, ‘He was wounded for our transgressions, he was bruised for our iniquities: the chastisement of our peace was laid upon him; and with his stripes we are healed,’ (Is. 53:5). For had not Christ satisfied for our sins, he could not be said to have appeased God by taking upon himself the penalty which we had incurred. To this corresponds what follows in the same place, ‘for the transgression of my people was he stricken,’ (Is. 53:8). We may add the interpretation of Peter, who unequivocally declares, that he ‘bare our sins in his own body on the tree,’ (1 Pet. 2:24), that the whole burden of condemnation, of which we were relieved, was laid upon him.”
– John Calvin (1509-1564), Institutes of the Christian Religion, II.xvii.4.