The funds raised allowed for a budget of £2000. At first, the monument was to be built in Newtownards, but it was later shifted to Scrabo Hill where it could be seen from Mount Stewart and where suitable building stone was quarried. In December 1855 the committee decided to hold a design competition. The deadline was 1 February 1856. Four entries were considered: an obelisk and three towers. The first prize went to the obelisk, which was submitted by William Joseph Barre. However, the obelisk came to nothing and indeed none of the first three projects was executed. When the committee called for tenders from building contractors, all the submissions for the three best-rated entries exceeded the budget and were therefore rejected. Finally, a tender by Hugh Dixon from Newtownards for the fourth project was accepted. However, supporters of William Barre claimed that the competition had been rigged.