The second verse:
Let us praise the Lord who bought us,
Pitied us when enemies
Called us by His grace and taught us
Gave us ears and gave us eyes
In some ways, this hymn reminds me of "Amazing Grace," with a kind of journey-- first verse tells us of the purpose of the 10 Commandments, to at once hold out a standard of righteousness and show that we cannot meet that standard. So therefore, God must save us by grace, a free gift.
This second verse begins to talk of the Lord and His mercy, how He simply cannot let us go to the Hell we would create. Christ dies for us while we were powerless, while we were His enemies. Sounds strange for a lullaby, but there is something of the tenderness of a parent for a baby-- helpless, nothing to offer in their own defense, for their own sustenance. It's why we know to call God "Father." That family relationship is critical. We ought not be surprised when the Lord loves us in spite of ourselves, when He calls out to us with salvation while we are still sinners, pouring out love and grace, to lead us into a full, mature life.
This hushes all our loud striving.