Wow, this thread did indeed grow fast. This issue may be the only issue that distinguishes Dennis and Martin from myself. I think that the main issue in regards to infant baptism is the nature of the covenant and the place of children in regard to it. The points about the Mosaic versus the Abrahamic covenant are absolutely crucial, since belief *in the NT* is explicitly connected with the Abrahamic, and *not* the Mosaic covenant. This is plain as a pikestaff from Galatians 3, where those of faith are the children of Abraham. I can hear the credo-only-baptist saying, "But what about that statement? Doesn't it say that only those who actually believe are part of the Abrahamic covenant?" Well, first of all, we don't know that children cannot believe from the womb. The Bible seems to indicate quite the reverse. Secondly, the same objection could be made against children in the Abrahamic covenant before Christ. But the clincher here is Galatians 3:18, where Paul affirms that the inheritance comes
by promise. What is that promise? It is the Abrahamic covenantal promise! Through the single offspring (Christ), which grammatical point Paul makes a big deal out of, the many offspring (3:7) are blessed by means of promise. In other words, the promise means that the norm is that children are part of the covenant (connected in an external way, and maybe also internally, if they believe). If the kingdom of God belongs to these (as Jesus said), then they should have the sign of this kingdom. Connected with Acts 2, where Peter says that the promise is for you and for your children, then the place of children is affirmed as being exactly the same as in the Abrahamic covenant. Someone might object regarding Acts 2 that it goes on to say, "and for all who are far off." That doesn't negate the point, since the statement does not have to apply to all three groups in exactly the same way. But we can say that the promise is for the children, not just for the adults.
By the way, the single best book ever written on the subject from a paedo position is undoubtedly _The Biblical Doctrine of Infant Baptism_, by Pierre Marcel, available
here.