Did Smith Address Ricardian Equivalence before Ricardo?

Although Ricardo may be the first to give a numerical demonstration of debt neutrality, we argue that he is not the first to explore the concept. In particular, we contend that Adam Smith presents many of the same arguments as Ricardo. Moreover, Smith frames the equivalence issue in the same manner as modern scholars. That is, Smith asks whether government bonds are net wealth, or, alternatively, are tax rebates saved. In addition, Smith shares Ricardo's concern about the possibility of fiscal illusion.