Modern chartalists Randall Wray and Mathew Forstater argue that chartalist insights into tax-driven paper money appear in earlier classical writers, citing for example Adam Smith's observation in The Wealth of Nations that a prince could give paper money value by requiring a portion of taxes be paid in it, and Alfred Mitchell-Innes's 1914 credit theory of money describing government money as debt reclaimable by taxation. Whether these passages amount to a developed anticipation of chartalism or a modern re-reading of isolated remarks is not settled.
What would resolve this A closer textual and contextual study of whether Smith, Say, Mill, Marx and Jevons treated tax-driven acceptance as a general theory of money's value in the surrounding argument of each cited passage, rather than an isolated aside.
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