This monument erected by a vote of the people on May 8, 1805, has been moved several times and finally placed on its present location at the green between Baxter Library adn the Gorham Municipal Center. It commemorates the granting of Narragansett #7 Township by the General Court of Massachusetts in 1732; Captain John Phinney, first settler. 1736; and the incorporation of the town on October 30, 1764.

The following is carved into the red obelisk, "This monument was erected by direction and at the expense of this town, May 6, 1805. Gorham is one of the seven townships granted by Gen. Court in the year 1732 to the Narragansett soldiers.

On a division of the property, among the original grantees, this town is assigned to Capt. Gorham and one hundred and nineteen others, and was then called Narragansett No. 7. Capt. John Phinney commenced the first settlement in this town May 1736. This town was incorporated by the name of Gorham, Oct. 30, 1764."