Ground was broken for the monument on September 21, 1900. Mr. Guggenheimer turned the first spadeful of dirt. About 200 people were present at the ground breaking ceremony. The first stone was laid in January 1901. On the cornerstone was a simple inscription saying that the monument was erected by the citizens of New York. It was finally dedicated on Memorial Day in 1902 with President Theodore Roosevelt officiating. During the dedication, the monument was unveiled following a parade of Civil War veterans up Riverside Drive. The memorial bears the simple inscription: "To the memory of the brave soldiers and sailors who saved the Union". The monument cost $300,000 to erect. Granite quarried from the Lacasse Quarry located at Derby, Orleans County, Vermont, was used in the construction.