Faith is not the gift spoken of in Ephesians 2:8 for by grace are ye saved by faith it what is the it? Salvation is the gift of God, salvation is not of works lest any man should boast. Salvation is the gift given by Grace, God's unmerited favor is the gift not faith
Let's look at this close.
Calvin:
For by grace are ye saved. This is an inference from the former statements. Having treated of election and of effectual calling, he arrives at this general conclusion, that
they had obtained salvation by faith alone. First, he asserts, that the salvation of the Ephesians was entirely the work, the gracious work of God. But then they had obtained this grace by faith. On one side, we must look at God; and, on the other, at man. God declares, that he owes us nothing;
so that salvation is not a reward or recompense, but unmixed grace. The next question is,
in what way do men receive that salvation which is offered to them by the hand of God? The answer is,
by faith; and hence he concludes that nothing connected with
it is our own. If, on the part of God, it is grace alone, and if we bring nothing but faith, which strips us of all commendation, it follows that salvation does not come from us.
Ought we not then to be silent about free-will, and good intentions, and fancied preparations, and merits, and satisfactions? There is none of these which does not claim a share of praise in the salvation of men; so that the praise of grace would not, as Paul shews, remain undiminished. When, on the part of man, the act of receiving salvation is made to consist in faith alone, all other means, on which men are accustomed to rely, are discarded. Faith, then, brings a man empty to God, that he may be filled with the blessings of Christ. And so he adds,
not of yourselves; that claiming nothing for themselves, they may acknowledge
God alone as the author of their salvation.
Calvin emphasizes that Salvation is by Grace through faith and that it (salvation is not our own.) Salvation is the gift of God.
Henry sees it as both Faith and Salvation as the free gift:
The
grace that saves them is the free undeserved goodness and favour of God and he saves them, not
by the works of the law, but through faith in Christ Jesus, by means of which they come to partake of the great blessings of the gospel and both that faith and that salvation on which it has so great an influence are the gift of God.
Then we see Eadie: Men are saved by grace- τῇ χάριτι; and that salvation which has its origin in grace is not won from God, nor is it wrung from Him; “His is the gift.” Look at salvation in its origin-it is “by grace.” Look at it in its reception-it is “through faith.” Look at it in its manner of
conferment-it is a “gift.” For faith, though an indispensable instrument, does not merit salvation as a reward; and grace operating only through faith, does not suit itself to congruous worth, nor single it out as its sole recipient. Salvation, in its broadest sense, is God's gift.
Hodge states this:
The only point in the interpretation of these verses of any doubt, relates to the second clause. What is said to be the gift of God?
Is it salvation, or faith? The words καὶ τοῦτο only serve to render more prominent the matter referred to. Compare
Romans 13:11;
1 Corinthians 6:6;
Philippians 1:28;
Hebrews 11:12. They may relate to faith ( τὸ πιστεύειν) or
to the salvation spoken of ( σεσωσμένους εἴναι). Beza, following the fathers, prefers the former reference;
Calvin, with most of the modern commentators, the latter. The reasons in favor of the former interpretation are,
Calvin agrees with the latter that is to the salvation spoken of. Hodge states taht it is both faith and salvation spoken of here in speaking of the former he speaks of faith as the gift, so Hodge states that Calvin believed it to be salvation that was the gift not faith.
then Henrich Meyer's Critical and Exegetical Commentary on the new testament states:
Rightly, therefore, have Calvin, Calovius, Baumgarten, Semler, Zachariae, Morus, and others, including Rückert, Matthies, Holzhausen, Harless, de Wette, Schenkel, Bleek, referred it to the salvation just designated as regards its specific mode. Paul very earnestly and emphatically enters into more detailed explanations as to what he had just said, τῇ γὰρ χάριτι κ. τ. λ., namely to the effect, that he briefly and forcibly places in the light of the respective contrasts, first, that
objective element of the saving deliverance which has taken place ( τῇ χάριτι) by οὐκ ἐξ ὑμῶν, θεοῦ τὸ δῶρον, and then the
subjective element ( διὰ τῆς πίστεως), by οὐκ ἐξ ἔργων ἵνα μ. τ. καυχ. His thought is: “Through grace you are in possession of salvation by means of faith,
and that to the exclusion of your own causation and operative agency.” This latter he expresses with the vivacity and force of contrast thus: “
and that ( καὶ τοῦτο, see on
Romans 3:11)
not from you, it is God’s gift; not from works, in order that no one may boast.” The asyndetic juxtaposition takes place with a “propria quadam vi, alacritate, gravitate,” Dissen,
Exc. II. ad Pind. p. 273.
So the gift seen in Ephesians 2:8 is seen by many as faith and yet Calvin,Calovius, Baumgarten, Semler, Zachariae, Morus, and others, including Rückert, Matthies, Holzhausen, Harless, de Wette, Schenkel, Bleek see it as Salvation. I go with it as referring to Salvation being the gift. J. Vernon McGee sees that Salvation is the gift while Ironside and Gill see it as Faith. This has long been debated we are not the first and won't be the last to debate it.