The Lord's Coming, Israel, and the Church

Everybody is aware of the difference prevailing among the Lord's people as to the interpretation of those passages of Scripture which foretell the future in reserve for the Church and the world. The ordinary interpretation is, that the promises contained in the Psalms and Old Testament prophecies refer to the Church, which, as the spiritual Israel, has taken the place, in God's purposes, of the literal Israel, to whom these promises were given. So, the fulfilment of the promises is taken to be spiritual rather than literal, being brought about by the gradual spread of Christianity, and the blessings of peace and prosperity following the universal triumph of the gospel. This world-​wide dominion of truth and happiness is presumed to be the period of a thousand years, during which Satan is bound, and the saints reign with Christ. It is supposed that at the close of this time, after another brief outbreak of Satan's craft and human wickedness, the world is destroyed; and that there is then a general resurrection of the dead, both bad and good, to be judged before the great white throne This is interpreted as the event called “the coming of the Lord,” “the appearing of the Lord,” “the day of the Lord;” “the end of the age” (mis-​translated “world”), and “the coming of the Son of man” — names supposed all to refer to the same period, the closing up of the history, and indeed, of the existence, of the habitable globe.
There is, however, another interpretation given to the Scriptures describing these events, which may be briefly stated as follows. The Old Testament prophecies, except where manifestly figurative, are to receive a literal fulfilment. The promises given to Israel are to be made good to Israel, not to the Church. The Old Testament prophecies being thus taken from the Church, the New Testament is found to contain no prediction of the universal spread of Christianity, but, on the contrary, sad forecasts of corruption, leading to judgment, in the body professing the name of Christ. In the midst of this gloom, however, the prospect of the Lord's coming for His saints shines as a bright hope for the hearts of the faithful. This coming, the date of which is purposely left undetermined, instead of being at the end of the world, is preliminary to the judgments awaiting the world, and to the reign of Christ with His saints. When it occurs, the living saints will be caught up to meet the Lord in the air, and at the same time will take place, in part at least “the first resurrection,” when the dead in Christ will be raised. Then follow the woes which usher in “the day of the Lord,” when Israel is restored, Old Testament prophecy fulfllled, Satan bound, and the dominion of Christ established. on the earth. At its close Satan is loosed, the nations rebel, the world is consumed, and the “rest of the dead” are raised and judged.
I propose to inquire which of these interpretations is correct.