This song used to be sung by the large college choir at my alma mater. I still think it incomparably beautiful today and have many fond memories of singing it, especially in a rotunda area that had lovely acoustics. The words are sobering--none shall falter, none shall shrink. I suspect that if it were translated into Latin those "none shall" phrases would end up in the murderously difficult subjunctive. We are asking God to grant us living faith so that as we walk His chosen path none shall falter, none shall shrink. But whether we falter or shrink remains up in the air, as it were. It's our prayer, our aspiration, our fervent hope, but by no means a sure thing.
May God indeed grant us that living faith.
If any readers happen to have access to the sheet music for this piece, I would love to have a copy. Google has not turned it up anywhere. I believe the composer is named Berntsen.