The Two Covenants

A covenant is a principle of relationship with God on the earth, conditions established by God, under which man is to live with Him. The word may, perhaps, be used figuratively or by accommodation. It is applied to details of the relationship of God with Israel, but strictly speaking, there are but two covenants, the old and the new. The old was established at Sinai. The new covenant is made also with the two houses of Israel. The gospel is not a covenant, but the revelation of the salvation of God. It proclaims the great salvation. We enjoy indeed all the essential privileges of the new covenant, its foundation being of God, but we do so in spirit, not according to the letter. The new covenant will be established formally with Israel in the millennium.
Questions and Answers
QUESTION: What about "things under the earth" in Phil. 2:10?
ANSWER: "God also hath highly exalted Him, and given Him a name which is above every name: that at the name of Jesus every knee should bow, of things in heaven [angels], and things in earth [men], and things under the earth [demons]." Phil. 2:9, 10. If we confine ourselves to the passage itself, redemption is not in question either in the humiliation or the exaltation. If it were, demons would be saved too, which they will never be. This passage is quoted by some to prove a very bad doctrine. We often say when referring to this passage, how wondrous the grace that gives us to bow the knee, but what is spoken of here is not redemption, but subjugation.
In the end of Rev. 5, the "creatures... under the earth" are not infernal beings, but creatures under the earth. There redemption is celebrated: "Worthy is the Lamb that was slain." He is spoken of as a "little" Lamb in Revelation—unchanged in His character as the Lonely One, the unresisting One. "Led as a lamb to the slaughter." He is worshipped as the sacrificial Lamb.