“The notion of “prophecy,” as this is understood by various generations of readers (1 Thess 5:19) does not accord with a widespread and popular view today. Many today regard this in either of two ways which partly diverge from mainline tradition. Some regard prophecy primarily as predictions of the future; others adopt the classical Pentecostal sense of viewing prophecy as a spontaneous, staccato-like, pronouncement made from within a congregation. Thomas Gillespie, and others argue that, by contrast, it often constitutes pastoral, applied preaching which conveys the gospel.
This view can be found “throughout the centuries” as the normal interpretation among the church fathers, Aquinas, Calvin, John Wesley, James Denney and many others. Ambrosiaster and Augustine see “prophecy” as explanatory exposition of scripture (Augustine, On the Psalms 76.4; NPNF1 8.361). Thomas Aquinas asserts that “prophesying” (1 Thess 5:19) “may be understood as divine doctrine . . . Those who explain doctrine are called prophets . . . ‘Do not despise preachers'” (Commentary, 52).
Calvin declares, “Prophecy means the art of interpreting scripture” (60). Estius insists that it does not mean “private interpretation” (Commentarius, 2.592). Matthew Henry remarks, “By prophecyings here we understand the preaching of the word, the interpreting and applying of the scriptures” (Concise Commentary on 1 Thess 5:19-20). John Wesley writes, “Prophecyings, that is preaching (Notes, 694). James Denney says of the prophet, “He was a Christian preacher” (Thessalonians, 239). Such an army of witnesses might suggest that further thought is needed, before we readily endorse either of these two more popular views of what 1 Thess. 5:19 and similar passages mean about “prophecy.”
Introduction, pg. 5-6