 MacLaurin suggested to the premier that all bank notes should be made legal tender; this suggestion was adopted and helped very much to allay the panic.In 1887 MacLaurin was appointed vice-chancellor of the University of Sydney, becoming chancellor in 1896.He was made a knight bachelor on 15 August 1902, after the honour had been announced in the 1902 Coronation Honours list published on 26 June 1902.