Charles Finney explores the transition from legal bondage to the freedom of the Gospel, using Psalm 40:1-3 to illustrate the journey of a soul trapped in despair and sin, likened to being in a 'horrible pit of miry clay.' He emphasizes the importance of waiting patiently on the Lord, which involves earnest prayer and a deep recognition of one's desperate need for divine intervention. Finney explains that true deliverance comes from God, who lifts the soul from despair and establishes it on a firm foundation, resulting in a transformed life filled with praise and a new song. The sermon serves as a reminder that many believers remain in a state of legal bondage, struggling under guilt, yet they can find hope and freedom through faith in Christ.