The sins and slips of the saints?

(J. C. Philpot)

The Scriptures faithfully record
the falls of believers . . .
  the drunkenness of Noah,
  the incest of Lot,
  the unbelief of Abraham,
  the peevishness of Moses,
  the adultery of David,
  the idolatry of Solomon,
  the pride of Hezekiah,
  the cowardice of Mark and
  the cursing and swearing of Peter.

But why has the Holy Spirit left on record
the sins and slips of the saints?

First, that it might teach us that they were
saved by grace as poor, lost, and ruined sinners;
in the same way as we hope to be saved.

Secondly, that their slips and falls might be
so many beacons and warnings, to guard the
people of God against being overtaken by
the same sins; as the apostle speaks, "All
these events happened to them as examples
for us. They were written down to warn us."

And thirdly, that the people of God, should
they be overtaken by sin, might not be cast
into despair; but that from seeing recorded
in the Scripture the slips and failings of the
saints of old, they might be lifted up from
their despondency, and brought once more
to hope in the Lord.