There are five strophes to this Psalm.  The first four are similar in construction:  they portray four tableaux or parables in which God is shewn coming to the rescue when his people are in danger.  The fifth strophe shews God's dealings with good and evil men.  The parables can be understood as referring either to mankind as a whole (Fall, Redemption) or to the private crises of the individual soul.

Thanksgiving for redemption

Confitémini Dómino quóniam bonus: * quóniam in sæculum misericórdia ejus.
2  Dicant qui redémpti sunt a Dómino, quos redémit de manu inimíci: * et de regiónibus congregávit eos:
3  A solis ortu, et occásu: * ab aquilóne, et mari.

O give thanks unto the Lord, for he is gracious, * for his mercy endureth for ever.
2  Let them declare whom the Lord hath redeemed, whom he hath redeemed from the hand of the enemy : * and gathered them out of the lands.
3  From the rising and from the setting of the sun : * from the north, and from the sea.

1.  Wandering in the wilderness
(Christ leads us through the wilderness of life)

4  Erravérunt in solitúdine in inaquóso: * viam civitátis habitáculi non invenérunt.
5  Esuriéntes, et sitiéntes: * ánima eórum in ipsis defécit.
6  Et clamavérunt ad Dóminum cum tribularéntur: * et de necessitátibus eórum erípuit eos.
7  Et dedúxit eos in viam rectam: * ut irent in civitátem habitatiónis.
8  Confiteántur Dómino misericórdiæ ejus: * et mirabília ejus fíliis hóminum.
9  Quia satiávit ánimam inánem: * et ánimam esuriéntem satiávit bonis.

4  They went astray in the wilderness, in the place without water, * they found not the way of a city for their dwelling.
5  They were hungry and thirsty, * their soul fainted in them.
6  And they cried unto the Lord in their trouble, * and he delivered them from their distress.
7  He led them forth by the right way, * that they might go to the city where they dwelt.
8  O that men would therefore praise the Lord for his mercies; * and declare the wonders that he doeth for the children of men.
9  For he hath satisfied the empty soul, * and hath filled the hungry soul with goodness.

2.  Imprisonment
(Christ redeems us from the banishment of earthly life)

10  Sedéntes in ténebris, et umbra mortis: * vinctos in mendicitáte et ferro.
11  Quia exacerbavérunt elóquia Dei: * et consílium Altíssimi irritavérunt.
12  Et humiliátum est in labóribus cor eórum: * infirmáti sunt, nec fuit qui adjuváret.
13  Et clamavérunt ad Dóminum cum tribularéntur: * et de necessitátibus eórum liberávit eos.
14  Et edúxit eos de ténebris, et umbra mortis: * et víncula eórum disrúpit.

10  Such as sit in darkness, and in the shadow of death, * being fast bound in misery and iron;
11  For they rebelled against the words of the Lord, * and provoked the counsel of the Most Highest;
12  And their heart was brought down with labours: * they were weakened, and there was none to help them.
13  And they cried unto the Lord in their trouble, * and he delivered them out of their distress.
14  And he brought them out of darkness, and out of the shadow of death, * and brake their bonds in sunder.

3.  Sickness
(Christ heals diseases of the soul)

15  Confiteántur Dómino misericórdiæ ejus: * et mirabília ejus fíliis hóminum.
16  Quia contrívit portas æreas: * et vectes férreos confrégit.
17  Suscépit eos de via iniquitátis eórum: * propter injustítias enim suas humiliáti sunt.
18  Omnem escam abomináta est ánima eórum: * et appropinquavérunt usque ad portas mortis.
19  Et clamavérunt ad Dóminum cum tribularéntur: * et de necessitátibus eórum liberávit eos.
20  Misit verbum suum, et sanávit eos: * et erípuit eos de interitiónibus eórum.
21  Confiteántur Dómino misericórdiæ ejus: * et mirabília ejus fíliis hóminum.
22  Et sacríficent sacrifícium laudis: * et annúntient ópera ejus in exsultatióne.

15  O that men would therefore praise the Lord for his mercies; * and declare the wonders that he doeth for the children of men.
16  For he hath broken the gates of brass, * and smitten the bars of iron in sunder.
17  He took them out of the way of their wickedness : * they were brought low because of their injustice.
18  Their soul abhorred all manner of meat, * and they drew nigh even unto the gates of death.
19  And they cried unto the Lord in their trouble, * and he delivered them out of their distress.
20  He sent his word, and healed them; * and saved them from their destruction.
21 O that men would therefore praise the Lord for his mercies; * and declare the wonders that he doeth for the children of men.
22  And they shall offer unto him the sacrifice of praise, * and tell out his works with gladness.

4.  On the high seas
(Christ does not sleep during storms)

23  Qui descéndunt mare in návibus, * faciéntes operatiónem in aquis multis.
24  Ipsi vidérunt ópera Dómini, * et mirabília ejus in profúndo.
25  Dixit, et stetit spíritus procéllæ: * et exaltáti sunt fluctus ejus.
26  Ascéndunt usque ad cælos, et descéndunt usque ad abyssos: * ánima eórum in malis tabescébat.
27  Turbáti sunt, et moti sunt sicut ébrius: * et omnis sapiéntia eórum devoráta est.
28  Et clamavérunt ad Dóminum cum tribularéntur: * et de necessitátibus eórum edúxit eos.
29  Et státuit procéllam ejus in auram: * et siluérunt fluctus ejus.
30  Et lætáti sunt quia siluérunt: * et dedúxit eos in portum voluntátis eórum.

23  They that go down to the sea in ships, * and occupy their business in great waters;
24  These men have seen the works of the Lord, * and his wonders in the deep.
25  He said the word, and there arose a stormy wind, * and the waves thereof were lifted up.
26  They are carried up to the heaven, and down again to the deep; * their soul melted away with evils.
27  They were troubled, and reeled like a drunken man, * and all their wisdom was swallowed up.
28  And they cried unto the Lord in their trouble, * and he delivered them out of their distress.
29  And he turned the storm into a breeze, * so that the waves thereof were still.
30  Then were they glad, because they were at rest; * and so he brought them unto the haven where they would be.

5.  God's free dealings

31  Confiteántur Dómino misericórdiæ ejus: * et mirabília ejus fíliis hóminum.
32  Et exáltent eum in ecclésia plebis: * et in cáthedra seniórum laudent eum.
33  Pósuit flúmina in desértum: * et éxitus aquárum in sitim.
34  Terram fructíferam in salsúginem: * a malítia inhabitántium in ea.
35  Pósuit desértum in stagna aquárum: * et terram sine aqua in éxitus aquárum.
36  Et collocávit illic esuriéntes: * et constituérunt civitátem habitatiónis.
37  Et seminavérunt agros, et plantavérunt víneas: * et fecérunt fructum nativitátis.
38  Et benedíxit eis, et multiplicáti sunt nimis: * et juménta eórum non minorávit.
39  Et pauci facti sunt: * et vexáti sunt a tribulatióne malórum, et dolóre.
40  Effúsa est contémptio super príncipes: * et erráre fecit eos in ínvio, et non in via.
41  Et adjúvit páuperem de inópia: * et pósuit sicut oves famílias.

31  O that men would therefore praise the Lord for his mercies; * and declare the wonders that he doeth for the children of men.
32  And let them exalt him in the congregation of the people, * and praise him in the seat of the ancients.
33  He hath turned the rivers into a wilderness, * and the water springs into dry land.
34  A fruitful land made he barren, * for the wickedness of them that dwell therein.
35  He hath turned the wilderness into pools of water, * and a dry land into water springs.
36  And there he setteth the hungry, * and they builded them a city to dwell in.
37  And they sowed the fields, and planted vineyards, * and they yielded fruits of increase.
38  And he blessed them, and they were multiplied exceedingly; * and he suffered not their cattle to decrease.
39  Then were they minished : * and they were afflicted through the tribulation of evils and sorrow.
40  Contempt was poured forth upon their princes : * and he caused them to wander out of the way in the wilderness.
41  And he helped the poor out of misery, * and made him households like a flock of sheep.

Finale

42  Vidébunt recti, et lætabúntur: * et omnis iníquitas oppilábit os suum.
43  Quis sápiens et custódiet hæc? * et intélliget misericórdias Domini.

42  The righteous shall behold, and rejoice; * and the mouth of all wickedness shall be stopped.
43  Whoso is wise, and will keep these things? * and he shall understand the mercies of the Lord.