Oh, 4 John Newton

I am not what i ought to be
- ah, how imperfect and deficient!

I am not what i wish to be
- I abhor what is evil, and i would cleave to what is good!

I am not what I hope to be
- soon, soon shall i put off mortality, and with mortality all sin and imperfection

Yet, though i am not what i ought be, nor what I wish to be, nor what I hope to be, I can truly say, I am not what i once was; a slave to sin and Satan; and I can heartily join with the apostle, and acknowledge,

"By grace of God I am what I am."

In short John newton means this:
I am not the man I ought to be, I am not the man I wish to be, and I am not the man I hope to be, but by the grace of God, I am not the man I used to be.