Lyric discussion by brandnewxo 

I think the main idea of this song comes from a bible verse (James 3:4-12)

4 Look at the ships also: though they are so large and are driven by strong winds, they are guided by a very small rudder wherever the will of the pilot directs. 5 So also the tongue is a small member, yet it boasts of great things.

How great a forest is set ablaze by such a small fire! 6 And the tongue is a fire, a world of unrighteousness. The tongue is set among our members, staining the whole body, setting on fire the entire course of life,[a] and set on fire by hell.[b] 7 For every kind of beast and bird, of reptile and sea creature, can be tamed and has been tamed by mankind, 8 but no human being can tame the tongue. It is a restless evil, full of deadly poison. 9 With it we bless our Lord and Father, and with it we curse people who are made in the likeness of God. 10 From the same mouth come blessing and cursing. My brothers,[c] these things ought not to be so. 11 Does a spring pour forth from the same opening both fresh and salt water? 12 Can a fig tree, my brothers, bear olives, or a grapevine produce figs? Neither can a salt pond yield fresh water.

As Jesse says, this is a song about dying/death. I think he is using the waves as hardships in relationships, our tongue (the words we choose to use) can either shipwreck those relationships or help us navigate through hardships. Jesse (or a fictitious character he has created) probably has regrets about how he has used his words, he may have had a friend die (possibly by drowning) and wishes he had the chance to make it right "And I wished for one more day to give my love and repay debts". Now the memory of this friend haunts him and he is left saying "I spoke the words but never gave a thought to what they all could mean".

The moral of the song is: death can catch us by surprise, we may die or someone close to us may die. Be careful how you use your words because you will not be able to undo the course they set you on.

The real meaning of the verse, however, is that words are the most powerful thing in the world, God caused everything to come into existence. Since we are made in his likeness and bear his image, our words too have power to a lesser extent. Power to lift others up or break them down. In later verses James says that the words we use expose the state of our hearts. If you're using wisdom that comes naturally to people you're depraved and blind and that will be made evident through your words. On the other hand, if your wisdom is "from above", in other words, you are no longer blind in your sin but have been liberated by Jesus Christ your words will reflect that reality.

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