You might want to refer to Henry Dunning Macleod's 1856 Theory and  
Practice of Banking for an early example of a worked-out creditary  
theory of money.

In the 1866 edition, for example, he says:

p. 204
2. In the first chapter we obtained the great fundamental
conception, which is the basis of monetary science, that money
is the representative of debt, or services due; that, where there
is no debt, there can be no money.
...

P. 206
9. We must observe that up till about 1772, all banking
liabilities were created by means of notes : and to create and
issue notes was the legal and well understood description of
" Banking." We cannot say when the Bank adopted the custom
and practice of creating liabilities' by means of " deposits."
However, whenever this was done it was clear that these
deposits were equally liabilities with its notes. And its total
liabilities were its notes and its deposits.

Arthur Edwards

On 1 Jun 2010, at 06:52, Harry Pollard wrote:

> I am looking into the accepted notion that demand deposits are money.
>
> My question is - who first made this contention, and when?
>
> Also, is there a paper (or papers) that develops the argument for  
> demand
> deposits as money?
>
> Thanks to anyone who helps!
>
> Harry Pollard