Charles H. Spurgeon on Psalms 46:4

There is a river, etc. The allusion is either to the river Kidron, which ran by Jerusalem, or to the waters of Shiloah, which by different courses and branches ran through the city of Jerusalem, and supplied the several parts of it with water, to the joy and comfort of its inhabitants. But the words are to be understood in a figurative sense, as applicable to gospel times; and this river either designs the gospel, the streams of which are its doctrines, which are living waters, that went out from Jerusalem, and which publish glad tidings of great joy to all sensible sinners; or the Spirit and his graces, which are compared to a well and rivers of living water, in the exercises of which the saints have much joy and peace; or else the Lord himself, who is the place of broad rivers and streams to his people, and is both their refreshment and protection; or rather his everlasting love to them is here intended. John Gill.