The monument to the anarchist martyrs, pictured here in 1899, was dedicated on Sunday, June 25, 1893, almost six years after their executions, although members of the Defense Committee and Amnesty Association began paying for it immediately following the hangings. Once the Pioneer Aid and Support Association was formed, the monument became the association's responsibility.

The dedication ceremonies, like the funeral six years before, involved a mix of members of cultural and labor organizations. Several visitors from abroad, who had travelled to Chicago to attend the World's Columbian Exposition, came to the dedication. As ever on such occasions, Chicago detectives mixed with the crowd. The ceremonies began downtown in Market Square on Madison Street, from where participants marched to the railroad station on the other side of the river and boarded trains for the trip to Waldheim.

When they arrived, the monument was covered in a red cloth. The president of the Pioneer Aid and Support Association made a few remarks and then introduced Albert Parsons Jr., who was just into his teens. Young Parsons, who wore a red rose in his lapel, pulled the string that unveiled the monument.

The statue was the work of German-born sculptor Albert Weinert (also present at the dedication), who had come to the United States the year of the bombing. Weinert depicted a hooded female figure looking into the future with determination as she places a laurel wreath on the brow of a fallen worker. At the base of the pedestal are Spies's oft-quoted last words on the scaffold: "The day will come when our silence will be more powerful than the voices you are throttling today." The ornate posts along the sidewalk in front, now long gone, were probably added later.

The ceremony included music and a speech by Dr. Ernst Schmidt, who had headed the Defense Fund Committee, followed by a resounding singing of "The Marseillaise" by the entire crowd.