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Speaking as a baptist I would maintain that the economy of the new covenant being a better covenant than the old calls for a different administration of that covenant to wit only those that profess faith should be baptized.
I have had the honor of speaking to Dr. Roger Nichole (a Baptist and visiting Professor of Theology at Reformed Theological Seminary) for hours concerning baptism. We have gone through all the Scripture and theology and have basically stalemated (like we do here). Your statement above is where we ended up from his point of view. We meet again soon and we are contemplating the issue of where is the proof of that "new administration" in baptism? Additionally, what is meant by "better" (a new administration, a continuing covenant more fully revealed, etc.)? So, how do you maintain your view?

Reformed and Always Reforming,