Holy Baptism is the Word from God, an ordinance, one of Gospel gift from God to us because it directly flows from the mercy of the cross and actually brings God’s real grace, the real presence of God Himself, and real salvation to all, thus defining the church.
Baptism is the greatest of all gifts.
In one respect it’s incredibly un-Lutheran to declare Baptism as the greatest of all gifts. Comparison between God’s gifts is not necessary. The question need not be asked or addressed because it is already answered. All the mercy that comes from God is of pure and