Plenteous grace with Thee is found, grace to cover all my sin;
Let the healing streams abound; make and keep me pure within.
Thou of life the fountain art, freely let me take of Thee;
Spring Thou up within my heart; rise to all eternity.

A few notes about the author of the text:
-Charles Wesley, hymn was published in 1740
-Charles wrote over 6,000 songs over the course of his life; including “O for a thousand tongues to sing” and “Hark the Herald angels sing.”
-Songs were all personal expressions of his faith.
-Charles and brother John founded the Methodist church in England, and were missionaries to colonial Georgia.

There is a story about how the song was written: Charles was preaching at a revival, apparently sharing some controversial thoughts. Some of the people did not agree with his doctrine. A riot broke out, and a mob chased after him. It is said that the words of this hymn came to him while hiding under a bush.

My paraphrase of last 2 lines: Jesus is the fountain of life, where life finds it’s source. He freely lets us experience true life through being born again in our hearts, causing holiness and purity to happen, leading to eternal life.