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From Matthew Henry's Commentary on the Whole Bible :
"1. Christ ordered his disciples to put to sea, that he might show his glory upon the water, in stilling the waves, and might do an act of kindness to a poor possessed man on the other side the water: He went into a ship with his disciples, v. 22.
They that observe Christ's orders may assure themselves of his presence. If Christ sends his disciples, he goes with them. And those may safely and boldly venture any where that have Christ accompanying them. He said, Let us go over unto the other side; for he had a piece of good work to do there. He might have gone by land, a little way about; but he chose to go by water, that he might show his wonders in the deep.
2. Those that put to sea in a calm, yea, and at Christ's word, must yet prepare for a storm, and for the utmost peril in that storm; There came down a storm of wind on the lake (v. 23), as if it were there, and no where else; and presently their ship was so tossed that it was filled with water, and they were in jeopardy of their lives.
Perhaps the devil, who is the prince of the power of the air, and who raiseth winds by the permission of God, had some suspicion, from some words which Christ might let fall, that he was coming over the lake now on purpose to cast that legion of devils out of the poor man on the other side, and therefore poured this storm upon the ship he was in, designing, if possible, to have sunk him and prevented that victory.
3. Christ was asleep in the storm, v. 23. Some bodily refreshment he must have, and he chose to take it when it would be least a hindrance to him in his work. The disciples of Christ may really have his gracious presence with them at sea, and in a storm, and yet he may seem as if he were asleep; he may not immediately appear for their relief, no, not when things seem to be brought even to the last extremity. Thus he will try their faith and patience, and quicken them by prayer to awake, and make their deliverance the more welcome when it comes at last.
4. A complaint to Christ of our danger, and the distress his church is in, is enough to engage him to awake, and appear for us, [v. 24]. They cried, Master, master, we perish! The way to have our fears silenced is to bring them to Christ, and lay them before him. Those that in sincerity call Christ Master, and with faith and fervency call upon him as their Master, may be sure that he will not let them perish. There is no relief for poor souls that are under a sense of guilt, and a fear of wrath, like this, to go to Christ, and call him Master, and say, "I am undone, if thou do not help me."
5. Christ's business is to lay storms, as it is Satan's business to raise them. He can do it; he has done it; he delights to do it: for he came to proclaim peace on earth. He rebuked the wind and the raging of the water, and immediately they ceased (v. 24); not, as at other times, by degrees, but all of a sudden, there was a great calm. Thus Christ showed that, though the devil pretends to be the prince of the power of the air, yet even there he has him in a chain.
6. When our dangers are over, it becomes us to take to ourselves the shame of our own fears and to give to Christ the glory of his power. When Christ had turned the storm into a calm, then were they glad because they were quiet, Ps. cvii. 30. And then, (1.) Christ gives them a rebuke for their inordinate fear: Where is your faith? v. 25. Note, Many that have true faith have it to seek when they have occasion to use it. They tremble, and are discouraged, if second causes frown upon them. A little thing disheartens them; and where is their faith then? (2.) They give him the glory of his power: They, being afraid, wondered. Those that had feared the storm, now that the danger was over with good reason feared him that had stilled it, and said one to another, What manner of man is this! They might as well have said, Who is a God like unto thee? For it is God's prerogative to still the noise of the seas, the noise of their waves, Ps. lxv. 7.