Richard Montague expresses his theology of the Eucharist in a work entitled A Gagg for the New Gospel? No. A New Gagg for an Old Goose published in 1624 and in another work entitled Appello Caesarem: A Just Appeal from the Two Unjust Informers, published in 1625.  His views seem to have much in common with William Laud (Stone, 1909: II, 275).  He calls transubstantiation a “monster of monsters”, but argues that there is no difference between the view of the Church of England and the Church of Rome “in the point of the real presence”, except “only in de modo praesentiae”, that is in the mode of the presence (Montague, A New Gagg, 12-15, 250-257, cited in Stone, 1909: II, 275).  For Montague the mode of the presence cannot be transubstantiation, but there is a real presence of Christ in the Eucharist nonetheless.

Montague also argues that there is “change”, “alteration”, “transmutation”, and “transelementation” in the elements of the Eucharist (Montague, Appello Casesarem, 261, cited in Stone, 1909: II, 275) and that the consecrated elements are “somewhat more than mere ordinary bread and wine” (Montague, Appello Casesarem, 262, cited in Stone, 1909: II, 275).  This is because he says that there is “a sacramental being of them, and not only a natural, in their use and designment” (Montague, Appello Casesarem, 289, cited in Stone, 1909: II, 275) and that “no man otherwise believeth but that the natural condition of the bread consecrated is otherwise than it was; being disposed and used to that holy use of imparting Christ unto the communicants”. (Montague, Appello Casesarem, 293, cited in Stone, 1909: II, 275).  He therefore says that people should “be content with That it is, and do not seek nor define How it is so”. (Montague, Appello Casesarem, 294, cited in Stone, 1909: II, 275).

In relation to sacrifice, Montague states that the Eucharist is a sacrifice but that it is “not propitiatory for the living and dead” and “not an external, visible, true, and proper sacrifice, but only representative, rememorative, and spiritual sacrifice”. (Montague, Appello Casesarem, 286, cited in Stone, 1909: II, 275).  He therefore concludes that there is “no such sacrifice of the altar” and that there are “no such altars” (Montague, Appello Casesarem, 287, cited in Stone, 1909: II, 275), as the Roman Catholic Church defines.

Montague’s theology of the Eucharist clearly rejects any form of immoderate realism and accepts a moderate realism in relation to Christ’s presence and sacrifice in the Eucharist.