The memorial is erected to give honor to William Jackson of Virginia. Having been murdered by Ship Captain Thomas Carter of Newport, Rhode Island on this very same spot, Jackson first overtook Carter, who was ship-wrecked and penniless. Being the generous person that he was, Jackson provided Carter with money and a horse to continue his journey.

Reaching upon a certain point, Carter murdered Jackson using a dagger on January 1, 1751. He was convicted of the crime on April 4, 1751. He was hung in chains on a gibbet on May 10, 1751 at the Tower Hill?s eastern foot, at the side of the public highway.

Erected by Joseph Peace Hazard in 1889, the memorial stands at 4 feet. The granite of pillar contains the story written on 4 sides of the stone.