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The Oberlin trustees in August, “voted, that the Prudential Committee be authorized to perfect negotiations and convey by deed to Brother John Brown of Hudson, one thousand acres of our Virginia land on the conditions suggested in the correspondence which has already transpired between him and the committee.”^[31]

Here, however, negotiations stopped, for the renewal of the panic in 1839 overthrew all business calculations until 1842 and later, and forced John Brown to take refuge in formal bankruptcy in 1842. This step, his son says, was wholly “owing to his purchase of land on credit—including the Haymaker farm at Franklin, which he bought in connection with Seth Thompson, of Hartford, Trumbull County, Ohio, and his individual purchase of three rather large adjoining farms in Hudson. When he bought those farms, the rise in value of his place in Franklin was such that good judges estimated his property worth fully twenty thousand dollars. He was then thought to be a man of excellent business judgment and was chosen one of the directors of a bank at Cayahoga Falls.”^[32] Probably after the crash of 1837, Brown hoped to extricate enough to buy land in Virginia and move there, but things went from bad to worse. Through endorsing a note for a friend, one of his best pieces of farm property was attached, put up at auction and bought by a neighbor. Brown, on legal advice, sought to retain possession, but was arrested and placed in the Akron jail. The property was lost. Legal bankruptcy followed in October, 1842, but Brown would not take the full advantage of it. He gave the New England Woolen Company of Rockville, Conn., a note declaring that “whereas I, John Brown, on or about the 15th day of June, A. D. 1839, received of the New England Company (through their agent, George Kellogg, Esq.) the sum of twenty-eight hundred dollars for the purchase of wool for said company, and imprudently pledged the same for my own benefit and could not redeem it; and whereas I have been legally discharged from my obligations by the laws of the United States—I hereby agree (in consideration of the great kindness and tenderness of said company toward me in my calamity, and more particularly of the moral obligation I am under to render to all their due) to pay the same and the interest thereon from time to time as divine Providence shall enable me to do.”^[33]