Jesus made the disciples get into the boat and go on ahead to the other side, while he dismissed the crowds. And after he had dismissed the crowds, he went up the mountain by himself to pray. When evening came, he was there alone, but by this time the boat, battered by the waves, was far from the land, for the wind was against them. And early in the morning he came walking toward them on the sea. But when the disciples saw him walking on the sea, they were terrified, saying, "It is a ghost!" And they cried out in fear. But immediately Jesus spoke to them and said, "Take heart, it is I; do not be afraid."As children, we would play this story out at the swimming pool by boldly running or stepping off the side of the pool and promptly sinking, thus confirming the depth of our faith.
Peter answered him, "Lord, if it is you, command me to come to you on the water." He said, "Come." So Peter got out of the boat, started walking on the water, and came toward Jesus. But when he noticed the strong wind, he became frightened, and beginning to sink, he cried out, "Lord, save me!" Jesus immediately reached out his hand and caught him, saying to him, "You of little faith, why did you doubt?" When they got into the boat, the wind ceased. And those in the boat worshiped him, saying, "Truly you are the Son of God." Matthew 14:22-33
Calvin took a more serious approach to the story in his commentaries (my emphasis added),
Now though Christ appeared at the proper time for rendering assistance, yet the storm did not immediately cease, till the disciples were more fully aroused both to desire and to expect his grace. And this deserves our attention, as conveying the instruction, that there are good reasons why the Lord frequently delays to bestow that deliverance which he has ready at hand.Calvin points out Peter's haste which leads him to experience the folly of sinking, and also leads him to find the grace of our Savior's extended hand.
28. And Peter answering. The condition which he lays down shows that his faith was not yet fully settled. If it is thou, says he, bid me come to thee on the water. But he had heard Christ speak. Why then does he still argue with himself under doubt and perplexity? While his faith is so small and weak, a wish not well considered bursts into a flame. He ought rather to have judged of himself according to his capacity, and to have supplicated from Christ an increase of faith, that by its guidance and direction he might walk over seas and mountains. But now, without the wings of faith, he desires to fly at will; and though the voice of Christ has not its due weight in his heart, he desires that the waters should be firm under his feet. And yet there is no room to doubt that this longing sprung from a good principle; but as it degenerates into a faulty excess, it cannot be applauded as good.
Hence too it happens that Peter immediately begins to smart for his rashness. Let believers, therefore, instructed by his example, beware of excessive haste. Wherever the Lord calls, we ought to run with alacrity; but whoever proceeds farther, will learn from the mournful result what it is to overleap the bounds which the Lord has prescribed. Yet it may be asked, Why does Christ comply with Peter's wish? for by so doing he seems to approve of it. But the answer is obvious. In many eases God promotes our interests better by refusing our requests; but at times he yields to us, that by experience we may be the more fully convinced of our own folly. In this manner, it happens every day that, by granting to those who believe in him more than is actually needed, he trains them to modesty and sober-mindedness for the future. Besides, this was of advantage to Peter and to the other disciples, and it is of advantage to us at the present day. The power of Christ shone more brightly in the person of Peter, when he admitted him as a companion, than if he had walked alone on the waters. But Peter knows, and the rest see plainly, that, when he does not rest with a firm faith, and rely on the Lord, the secret power of God, which formerly made the water solid, begins to disappear; and yet Christ dealt gently with him by not permitting him to sink entirely under the waters. Both of these things happen to us; for as Peter was no sooner seized with fear than he began to sink, so the fleeting and transitory thoughts of the flesh immediately cause us to sink in the midst of our course of employments. Meanwhile, the Lord indulges our weakness, and stretches out his hand, that the waters may not swallow us up altogether. It must also be observed that Peter, when he perceives the unhappy and painful consequences of his rashness, betakes himself to the mercy of Christ. And we too, though enduring just punishment, ought to betake ourselves to him, that he may have compassion on us, and bestow the aid of which we are unworthy.
31. O man of little faith. While our Lord kindly preserves Peter, he does not connive at Peter's fault. Such is the object of the chastisement administered, when Peter is blamed for the weakness of his faith. But a question arises, Does every kind of fear give evidence of a weakness of faith? for Christ's words seem to imply that, where faith reigns, there is no room for doubt. reply: Christ reproves here that kind of doubt which was directly opposed to faith. A man may sometimes doubt without any fault on his part; and that is, when the word of the Lord does not speak with certainty on the matter. But the case was quite different with Peter, who had received an express command from Christ, and had already experienced his power, and yet leaves that twofold support, and falls into foolish and wicked fear.
The Church too may leap hastily into turbulent waters confident in the strength of its faith or in the belief that it is being guided by the voice of the Spirit. I am confident that the Lord will be there to save His Church... if it finally realizes that it has acted foolishly and rashly, and if it cries out for help as it goes under.
Right now, it looks like the Episcopal church has not yet recognized that the water is already waist high, rising quickly, and its feet are not standing on anything solid.
Once it admits its failure, I expect Christ to reply,
O church of little faith, wherefore didst thou doubt?