It has been my understanding, from reading 17th century Particular Baptist works that historically, Baptists believed that Baptism and the Lord's Supper were a means of grace. The Gospel is preached through the sacraments or ordinances just as the Gospel is preached in word. Not that they
convey grace in the physical elements or means (like Calvin) or the work/ritual performed (RC), but that they convey the Gospel just like preaching the word conveys the Gospel.
"Worthy receivers (believers), outwardly partaking of the visible elements in this ordinance, do then also inwardly by faith, really and indeed, yet not carnally and corporally, but
spiritually receive, and feed upon Christ crucified, and all the benefits of his death; the body and blood of Christ being then not corporally or carnally, but
spiritually present to the faith of believers in that ordinance, as the elements themselves are to their outward senses." 1689 Second London Confession of Faith, 30.7
17th century Baptist catechism:
Q. 99. Wherein do Baptism and the Lord's Supper differ from the other ordinances of God?
A. Baptism and the Lord's Supper differ from the other ordinances of God in that they were specially instituted by Christ to represent and apply to believers the benefits of the new covenant by visible and outward signs.
(a) Matt 28:19;
Acts 22:16; Matt 26:26-28; Rom 6:4
Q. 107. What is the Lord's Supper?
A. The Lord's Supper is a holy ordinance, wherein, by giving and receiving bread and wine, according to Christ's appointment, His death is showed forth, and the worthy receivers are, not after a corporeal and carnal manner, but
by faith, made partakers of His body and blood, with all His benefits, to their spiritual nourishment, and growth in grace.
(a) 1 Cor 11:23-26; 1 Cor 10:16
Q. 108. What is required to the worthy receiving of the Lord's Supper?
A. It is required of them that would worthily (that is, suitably) partake of the Lord's Supper, that they examine themselves, of their knowledge to discern the Lord's body; of their faith to feed upon Him; of their repentance, love, and new obedience: lest, coming unworthily, they eat and drink judgment to themselves.
(a) 1 Cor 11:27-31; 1 Cor 5:8; 2 Cor 13:5
I believe it is a means of grace.
Yours in the Lord,
jm