In Him we have redemption through His blood, the forgiveness of sins, according to the riches of His grace

Ephesians 1:7

I will sing of my Redeemer 
and his wondrous love to me; 
on the cruel cross he suffered, 
from the curse to set me free. 

Sing, O sing of my Redeemer! 
With his blood he purchased me; 
on the cross he sealed my pardon, 
paid the debt, and made me free. 

I will tell the wondrous story, 
how my lost estate to save, 
in his boundless love and mercy, 
he the ransom freely gave. 

I will praise my dear Redeemer, 
his triumphant power I’ll tell: 
how the victory he gives me 
over sin and death and hell. 

I will sing of my Redeemer 
and his heavenly love for me; 
he from death to life has brought me, 
Son of God, with him to be. 

Sing, O sing of my Redeemer! 
With his blood he purchased me; 
on the cross he sealed my pardon, 
paid the debt, and made me free. 

ABOUT THE AUTHOR
Philip Paul Bliss (1838-1876), was a well known teacher, evangelist and soloist. He and his wife Lucy traveled extensively, spreading the Gospel in song. In December, 1876, they were taking a much needed break; spending Christmas Holidays with Bliss’ parents, in Pennsylvania. On the 28th, after receiving a request by telegram from D.L. Moody, the couple left their two children with grandparents and traveled by train to attend an evangelistic meeting in Chicago.   While ministering at the meeting, Bliss spoke these words to the congregation: “I may not pass this way again”, after which he sang, I’m Going Home Tomorrow
The next day they boarded a train back to Pennsylvania in a winter snow and ice storm As their train was crossing over a river in Ashtabula, Ohio, the bridge suddenly gave way and all the passenger cars fell into the freezing waters below. Bliss escaped through a window, only to find that Lucy had somehow been left behind in the wreckage. Although he was told not to do it, Bliss headed back into the fire, saying: “If I cannot save her, I will perish with her.” Neither survived.  
Among Bliss’ belongings were the lyrics to this week’s hymn. In 1877, the hymn was set to music by composer and evangelist James McGranahan. That same year, George Cole Stebbins made a recording of the hymn, one of the first songs ever to be recorded on Thomas Edison’s new invention, the phonograph.  For almost a century and a half since then this hymn has been sung by countless believers as a stirring testimony of what Christ has done for us.  With His blood He delivered us from the curse of sin, He purchased us, He sealed our pardon, paid our debt and made us free.  And that is something to sing about!  Praise God for the victory we have because of His wondrous love and sacrifice.  Sing that message with joy throughout this week. “Christ redeemed us from the curse of the law by becoming a curse for us.” (Galatians 3:13)

Source: http://barryshymns.blogspot.com/2013/08/i-will-sing-of-my-redeemer.html