The foundation stone was laid on 15 August 1840. Construction began in 1841 following permission by Parliament's "Monument to Sir Walter Scott Act" and ran for nearly four years. It was completed in the autumn of 1844, with Kemp's son placing the finial in August of the year. The total cost was just over £16,154. The monument was inaugurated on 15 August 1846, but George Meikle Kemp was absent. He had fallen into the Union Canal while walking home from the site and drowned on the foggy evening of 6 March 1844.