He received a Bachelor of Arts degree from Washington College of Chestertown, Maryland, in 1899.

He served as prosecuting attorney for Caroline County from 1904 to 1908, returning to private practice from 1908 to 1921.

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.

[citation needed] 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.