Perhaps the issue of impurities in the eye allowed for the movement from that verse to this one discussing two masters. Certainly the duality of the earth/heaven dichotomy of the treasures leads to this earthly/heavenly-master teaching. The key to this text is not so much in the masters, but in the serving. This particular serving assumes a full devotion to one’s master. (Robert Guelich. A Foundation for Understanding the Sermon on the Mount. Word Publishing, Dallas. 1982, p. 333). No one can completely and faithfully serve two masters who have differing agendae. At some point they will inevitably conflict, and the servant must make a decision. That decision is represented by the statement that he “will hold to the one and despise the other.” The despising is not indicative of intent, but is rather descriptive of action. No matter what the intent, disobeying a command from a master was a form of despising the authority of that master. This truly was a condition where it would have been understood that one could not render completely faithful service to two different masters.
Book of Mormon context: We know that the principle of serving either man or God would have been applicable to the Nephites as it is to all humanity. What we do not know is the particular types of master/servant relationships their might have been. It is possible that they were similar to those of Israel, but unlikely given the differing economic situations and the meaning of a master in the Old World at this time.
Textual: There is no change from the text of the Matthean sermon. However, the 1830 edition does make a change in the text at this point that cannot be seen in the recutting of chapters to more closely follow the KJV. In the 1830 edition, this verse ends a chapter. The information that will allow us to analyze this is contained in the next verse, and will be discussed at that point.