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The hymn IT IS WELL was written after several traumatic events in Horatio Spafford’s life. The first was the death of his only son in 1871, shortly followed by the great Chicago Fire which ruined him financially (he had been a successful lawyer). Then in 1873, he had planned to travel to Europe with his family on the S.S. Ville Du Havre, but sent the family ahead while he was delayed on business. While crossing the Atlantic, the ship sank rapidly after a collision with another ship, and all four of Spafford's daughters died. His wife Anna survived and sent him the now famous telegram, "Saved alone." Shortly afterwards, as Spafford traveled to meet his grieving wife, he was inspired to write these words as his ship passed near where his daughters had died. (From Wikipedia)
The promise we have from Romans 8 is that there is no tragedy in all the world that is capable of separating us from the love of God that is in Jesus Christ our Lord. Because of the love of God, we can laugh at the troubles that life throws at us, for they are temporary, and will pass, while the love of God will never fade or perish.