Fanny Crosby, blinded at only 6 weeks old, wrote between 8,000 and 9,000 hymns in her lifetime, and when asked if she'd written any specifically about her own conversion experience, began to sing this one. Do you, like the song says, love to proclaim that you've been redeemed? Christ has bought us with the price of His own blood, and in so doing, He offers us the chance and ability to become His very own child forever.