Commentaries:
Barnes' Notes
I will praise the name of God with a song - As the result of my deliverance, I will "compose" a song or a psalm especially adapted to the occasion, and suited to express and perpetuate my feelings. It was in such circumstances that a large part of the psalms were composed; and since others besides the psalmist are often in such circumstances, the Book of Psalms becomes permanently useful in the church. It is not always necessary now to "compose" a song or hymn to express our feelings in the circumstances in which we are placed in life - for we may commonly find such sacred songs ready at our hand; yet no one can doubt the propriety of adding to the number of such by those who can do it, or of increasing the compositions for praise in the church in view of the ever-varied experience of the children of God.
And will magnify him - Will exalt his name; will endeavor to make it "seem" greater; or, will spread it further abroad.
With thanksgiving - I will use expressions of thanks to make his name more widely known.
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