With the approach of the centenary of 1798 the Irish in Sydney proposed to build a monument over Michael's grave. However, the government decided to put Central railway station on the site
of Devonshire Street cemetery and the graves, including Michael's, had to be moved.
The 1798 Committee, under the chairmanship of Dr Charles MacCarthy, bought a block of land in Waverley cemetery and
arranged to put a very elaborate Monument of white Carrara marble, bronze plaques and mosaic floor on the spot. They established 1798 Committees all over NSW and in Victoria, Queensland and South
Australia to raise the money that would be needed to pay for the project.
On Saturday night, 21 May, the two coffins containing the remains of Michael and Mary Dwyer were placed in a large cedar
casket and brought to St Marys Cathedral. After the 11am Mass the casket was carried by ten Irishmen around the Cathedral. It was placed in a hearse, drawn by six black horses. The
hearse had been specially prepared. The black colour had been changed to ultramarine blue and the glass sides removed.
The funeral was an extraordinary length. Four hundred horse drawn
carriages followed the hearse. An estimated ten thousand people were in the procession and a hundred thousand watched. The procession was led by a band and other bands were interspersed through
the marchers. It took 40 minutes to pass a given spot.
When it arrived at the cemetery the casket was placed in the vault. Dr MacCarthy laid the foundation stone of the monument and spoke
at length. Dr O'Donnell of Melbourne spoke also.
The foundation stone was laid. The building of the Memorial would occupy the next two years Dr MacCarthy organised 1798 Committees all over NSW and in the other States to raise the
money, over 2000 pounds, that would be required to pay for it.
He also designed and cast the bronze plaques of leaders in 1798 that would be placed on the monument, as well as the bronze wolf-hounds.