That is far different than the traditional covenential teaching found in Presbyterian churchs today...
Calvin's high view of the sacrament has been, either conciously or unconciously, rejected by many if not most of his heirs these days.
Baptismal Efficacy and the Reformed Tradition: Past, Present, and Future, from the same source as the one above, delves further into the historic Reformed baptismal positions.
I believe that it is more correct to say, Calvin believes that Baptism respresents Justification (by imputation).
We shouldn't just "take the author's word" for it, even though I am sure he is making an honest attempt to analyze Calvin's theology. We should read the Calvin citations in question, for ourselves.
It is true that Calvin had a "high view" of the Baptismal Sacrament. But we can't just say, "Calvin had a high view of the Baptismal Sacrament" and leave it at that, as thought he were practically Roman Catholic on the matter. Calvin did indeed have a "high view" of the Baptismal Sacrament, but it definitely was NOT Roman Catholic.
Re-read the citations in question -- with my emphasis in bold, as a Presbyterian Calvinist:
"The first thing that the Lord sets out for us is that baptism should be a token and proof of our cleansing; or (the better to explain what I mean) it is like a sealed document to confirm to us that all our sins are so abolished, remitted, and effaced that they can never come to his sight, be recalled, or charged against us."
"Baptism also brings another benefit, for it shows us our mortification in Christ, and new life in him...[T]hrough baptism Christ makes us sharers in his death, that we may be engrafted in it" [9].
In Calvin's view, then, Baptism serves our Faith as it serves our confession before men... it confirms that which it symbolizes, as a token and proof which shows us our mortification in Christ.
Baptism does not "grant" faith. It serves Faith, it confirms Faith, it shows and symbolizes Faith... but nowhere does Calvin ever imply that it "grants" Faith. Mainly because, Calvin himself does not believe that Baptism "grants" faith -- rather, it "arouses, nourishes, and confirms faith" as a true Means of Grace (that is, a "sacrament")
As such, Calvin's view -- though highly sacramental -- was in some ways closer in theology to his AnaBaptist Opponents than to the Roman Catholics around him.
The disagreement, of course, would be whether or not it is true, as Calvin maintained, that the Infant Children of faithful believers could recieve the Gift of Faith even in infancy, and thus be accounted legitimate claimants to the "arousing, nourishing, and confirming of our faith" which is imparted in Baptism.
To which Calvinist Presbyterians can only cite the example of John the Baptist, and affirm: "Guilty as Charged". We believe that God is Faithful in his Promises to obedient Christian Evangelists; and likewise, We believe that God is Faithful in his Promises to obedient Christian Parents.
But we do not believe (and neither did Calvin) that Baptism "grants" faith. Rather, the sacrament serves for the "arousing, nourishing, and confirming" of that Faith which has already been imparted to Covenant Children... even in their mother's womb.
best, op