The importance of this intellectual thought that was developed at Princeton lies in the fact that it was a response to the currents of higher criticism, mostly associated with the German biblical scholars. This is where you get the whole “search for the historical Jesus”, doing linguistic analysis of the Bible to dispute claimed authorship, using historical records to dispute events depicted in the Bible, etc.
This belief in the inerrancy of the Bible as a response to the higher criticism would be adopted by the conservatives and become an important component to the greater focus on eschatological prophecy (which Fitzgerald believes came about as a result of the massive social changes that happened due to the revolutions, industrialization, and modern wars).