The Martyrs' Memorial at Oxford is usually interpreted as an anti-Tractarian statement provoked by the publication of R. H. Froude's notorious Remains. This paper argues, however, that the monument's anti-Catholic nature has been overlooked, largely as a result of interpreting the scheme in the light of subsequent developments. Much of the original polemic surrounding the project was directed exclusively against Roman Catholicism and it won support from a wide theological spectrum within the Church of England. The heated debate over the wording of the inscription is examined, as is the question of whether the memorial should take the form of a Martyrs' Church or a Martyrs' Monument.