15 Then Moses turned and went down the mountain. He held in his hands the two stone tablets inscribed with the terms of the covenant. They were inscribed on both sides, front and back. 16 These tablets were God's work; the words on them were written by God himself. 17 When Joshua heard the boisterous noise of the people shouting below them, he exclaimed to Moses, "It sounds like war in the camp!" 18 But Moses replied, "No, it's not a shout of victory nor the wailing of defeat. I hear the sound of a celebration." 19 When they came near the camp, Moses saw the calf and the dancing, and he burned with anger. He threw the stone tablets to the ground, smashing them at the foot of the mountain. 20 He took the calf they had made and burned it. Then he ground it into powder, threw it into the water, and forced the people to drink it.

Matthew Henry's Commentary on Exodus 32:15-20

Commentary on Exodus 32:15-20

(Read Exodus 32:15-20)

What a change it is, to come down from the mount of communion with God, to converse with a wicked world. In God we see nothing but what is pure and pleasing; in the world nothing but what is sinful and provoking. That it might appear an idol is nothing in the world, Moses ground the calf to dust. Mixing this powder with their drink, signified that the backslider in heart should be filled with his own ways.