John 1:29: Did Jesus for the world atone

Did Jesus for the world atone?
"Yes; for the world of the elect:"
Love could not die for some alone,
And all the wretched rest reject:
For the whole helpless world that lay-
In desperate wickedness, He died,
And all who dare believe it, may
With me be freely justified.

Charged with the universal load,
The sins of every soul, and mine,
By faith I see the Lamb of God,
The bleeding Sacrifice Divine!
My sins, transferr'd from me to Him,
Shall never be by justice found,
All carried down that purple stream.
All in that open fountain drown'd!