The first part of this verse should be read as a continuation of verse 22: “And now behold, the Lord remembereth all them who have been broken off, wherefore he remembereth us also; therefore,… ” The Nephites can be of good cheer because they can safely rely on Yahweh’s remembrance of them, among all of those whom he has led to various isles. They can have confidence that Yahweh’s promises will be fulfilled and, hence, feel happiness in that fulfillment.
Jacob now prepares his listeners to make their covenant by describing the choices: eternal life or eternal death. Both Jeremiah and Nephi had also confirmed this dual “way”:
And unto this people thou shalt say, Thus saith the Lord; Behold, I set before you the way of life, and the way of death. (Jer. 21:8)
Wherefore, men are free according to the flesh; and all things are given them which are expedient unto man. And they are free to choose liberty and eternal life, through the great Mediator of all men, or to choose captivity and death, according to the captivity and power of the devil; for he seeketh that all men might be miserable like unto himself. (2 Ne. 2:27)
The greater level of detail in Nephi’s presentation of this theme suggests that he may have understood and expanded this doctrine from Jeremiah’s record on the brass plates. Jacob could therefore have known it from either source. His audience probably understood the allusion as well.