"The author's "Theory and Practice of Banking" is one of the most valuable books in modern economics. A...[T]he author is a very acute critic and deals unsparingly with all opponents. Of course, an author who deals unsparingly with others is likely to receive hard blows in return, and Mr. Macleod has not escaped. His critics have dealt with him in two ways: either they have denounced some of his propositions, especially the leading one in his work on "The Theory of Credit," that it is essentially the same thing as capital, or his opponents have ignored him as unworthy of notice. Yet, when everything has been said concerning the defects in his reasonings, it must be acknowledged that he is one of the most suggestive, acute and able writers in political economy and finance of this generation. "The Theory and Practice of Banking" contains by far the best account of the Bank of England that has appeared. It is true that Gilbart's work, especially the latest edition revised by Mr. Michie, contains an excellent historical account of the operations of the bank, but the criticisms and sidelights thrown on its operations by Mr. Macleod are of great value. We have called the attention of our readers before... that if they desire to study the history and workings of that great institution, which is about to celebrate its four-hundredth anniversary, and which, in many respects, is the greatest bank in the world, we can heartily commend this work for serious study."