The Blood of the Covenant is the Purchase-money for the Church---HORATIUS BONAR

“Take heed therefore unto yourselves, and to all the flock, over the which the Holy Ghost hath made you overseers, to feed the church of God, which he hath purchased with his own blood.”—Acts 20:28 As God’s eternal purpose deals both with the church as a whole, and with each chosen soul, so does the blood. It is the price or ransom of the whole Church; it is the price and ransom of each soul that is saved. Of the Church it is true, she is “bought with a price”; of each saint it is true, he is “bought with a price.” The “blood of the covenant” is the payment demanded by the Father and paid by the Son. Not without blood can the purpose of the Father be carried out. It is the legal payment of the price or penalty, because it was the death which the Church should have died, but which her Surety took upon Him.