Penal Satisfaction Implies Limited Atonement

In Dr. Steele's discussion of the theology of Dispensationalism, he remarks:

[A Limited Atonement] the inevitable outcome of the doctrine that sin was punished on the cross.

Whose sin? If it be answered, that of the whole human race, then universalism emerges, for God cannot in justice punish sin twice. It must be, then, that the sins of the elect only were punished. Hence at the bottom, this system of doctrine rests upon the tenet of a particular, in distinction from a universal atonement.

The fact that [in Dispensationalism] this basis is not avowed, and that the terminology of hyper-predestinarianism, such as "the elect," "the reprobates," "special call," "irresistible grace," "perseverance of the saints," and salvation by "Divine Sovereignty," is studiously avoided, makes this system of doctrine still more dangerous, because these offensive features are concealed with Jesuitical cunning.

We cannot resist the suspicion that this is designed, so as to make it palatable to those educated in the Arminian faith, in order to catch them with guile. Some unreflective Arminians are thus unawares entrapped into the reception of that unmitigated scheme of doctrine which Christendom is almost universally shaking off.

— A Substitute for Holiness or Antinomianism Revived, Chapter 6.