“Meet” here is used in one of its original meanings, “fit or suited”. “Stay” has the meaning of “support” here.
When God the way of life would teach
And gather all His own,
He puts them safe beyond the reach
Of death, by blood alone.
It is His word, God’s precious word,
It stands forever true;
When I, the Lord, shall see the blood,
I will pass over you.
By Christ, the sinless Lamb of God,
The precious blood was shed,
When He fulfilled God’s holy word,
And suffered in our stead.
O soul, for thee salvation thus
By God is freely giv’n;
The blood of Christ atones for sin,
And makes us meet for heav’n.
The wrath of God that was our due,
Upon the Lamb was laid;
And by the shedding of His blood,
The debt for us was paid.
How calm the judgment hour shall pass
To all who do obey
The word of God about the blood,
And make that word their stay.
El. Nathan./James McGranahan