What do you propose is the truth of the matter, since we know and believe God is loving, just, and merciful?
This is the genesis of limited atonement, which I am inclined to believe unless someone can explain to me the justice of no longer holding someone accountable for their sins while still holding them accountable.
I can reconcile verses which on their surface seem to allow for unlimited atonement, to show that this is not actually the case. What I have been unable to reconcile is a just God acting what seems to me to be injustice.
I can find verses that say God is righteous in all His ways, but not those that say He is loving in all His ways. This suggests to me that all of God's actions must be just, but don't necessarily need to be loving or exercise mercy.
This, to me, is why God must need to send Jesus to redeem mankind. While God would have been just in redeeming no one, in order to remain just in forgiving men their sins, the sins would still need to be atoned for. In delivering Jesus for our sins, He is both just and Justier of all those who believe.
This is the argument undergirding Paul's argument in Romans 8...who shall lay any charge to God's elect?