I re-found this hymn, in a copy of Steven's hymns, that my Grandmother had given to her Mother in 1923 although I do remember it being used when I was a child.
The hymn is by Samuel Medley who, like John Newton, was a sailor, and an unbeliever. After an injury, he became ill with gangrene in his leg and it was feared that he might lose his leg or die. This event made him think about spiritual things but he came to trust that the Lord Jesus had died for his sins, after hearing his Grandfather read a sermon, by Isaac Watts.
Unto you therefore which believe he is precious 1 Peter 2 v7
Jesus is precious, says the word;
What comfort does this truth afford!
And those who in his name believe,
With joy this precious truth receive.
To them he is more precious far
Than life and all its comforts are;
More precious than their daily food;
More precious than their vital blood.
Not health, nor wealth, nor sounding fame,
Nor earth's deceitful, empty name,
With all its pomp and all its glare,
Can with a precious Christ compare.
He's precious in his precious blood,
That pardoning and soul-cleansing flood;
He's precious in his righteousness,
That everlasting, heavenly dress.
In every office he sustains,
In every victory he gains
In every counsel of his will,
He's precious to his people still.
As they draw near their journey's end,
How precious is their heavenly Friend!
And when in death they bow their head,
He's precious on a dying bed.
In glory, Lord, may I be found,
And, with thy precious mercy crowned,
Join the glad song, and there adore
A precious Christ for evermore.