In 1932, Goldsborough introduced the so-called "Goldsborough bill", which passed the House, and failed in the Senate. According to Robert Latham Owen, a supporter of the bill, "…the bill which he (Goldsborough) then presented, with the approval of the Committee on Banking and Currency of the House — and I believe it was practically a unanimous report. It was debated for two days in the House, a very simple bill, declaring it to be the policy of the United States to restore and maintain the value of money, and directing the Secretary of the Treasury, the officers of the Federal Reserve Board, and the Reserve banks to make effective that policy. That was all, but enough, and it passed, not by a partisan vote. There were 117 Republicans who voted for that bill (which was presented by a Democrat) and it passed by 289 to 60, and of the 60 who voted against it, only 12, by the will of the people, remain in the Congress.[3] "It was defeated by the Senate, because it was not really understood. There had not been sufficient discussion of it in public. There was not an organized public opinion in support of it."
Some sources credit Goldsborough with introducing the phrase pushing on a string—a metaphor for the difficulty experienced by the Federal Reserve in trying to end an economic contraction—in a 1935 hearing.[4][5]
^Sandilans, Roger G. (2001), "The New Deal and 'domesticated' Keynesianism in America, in John Kenneth Galbraith and Michael Keaney (2001). Economist with a Public Purpose: Essays in Honour of John Kenneth Galbraith. Routledge. ISBN0-415-21292-8., p. 231
^John Harold Wood (2006). A History of Central Banking in Great Britain and the United States. Cambridge University Press. ISBN0-521-85013-4., p. 231; it cites U. S. Congress House Banking Currency Committee, Hearings, Hearings, Banking Act of 1935, March 18, 1935, p. 377.
