…being justified freely by His grace through the redemption that is in Christ Jesus,… Romans 3:24 (NKJV)
The figure of redemption is very simple, and has been very frequently used in Scripture. When a prisoner has been taken captive, and has been made a slave by some barbarous power, it has been usual, before he could be set free, that a ransom price should be paid down. Now, we being, by the fall of Adam, prone to guiltiness, and indeed, virtually guilty, we were by the irreproachable judgment of God given up to the vengeance of the law; we were given to the hands of justice; justice claimed us to be his bond-slaves for ever, unless we could pay a ransom, whereby our souls could be redeemed. We were, indeed, poor as owlets, we had not wherewith to bless ourselves. We were as our hymn hath worded it, “bankrupt debtors”; an execution was put into our house; all we had was sold; we were left naked, and poor, and miserable, and we could by no means find a ransom; it was just then that Christ stepped in, stood sponsor for us, and, in the room and stead of all believers, did pay the ransom price, that we might in that hour be delivered from the curse of the law and the vengeance of God…
When Christ redeemed his people, he did it thoroughly; he did not leave a single debt unpaid, nor yet one farthing for them to settle afterwards. God demanded of Christ the payment for the sins of all his people; Christ stood forward, and to the utmost farthing paid whatever [sic] his people owed. (Sermons Of C. H. Spurgeon)
Spirit Filled Life Daily Devotional Bible, (Nashville: Thomas Nelson Publishers) 1998, c1993.