See NS7993 : Martyrs Monument to the Wilson Sisters, Old Town Cemetery
and NS7993 : Wilson Sisters Monument, Old Town Cemetery
for other views, and NS7993 : Just waiting for restoration
for an older photograph of the memorial.
The inscription at the base reads: 'Margaret, Virgin Martyr of the Ocean Wave, with her like-minded sister Agnes. "Love, many waters cannot quench" - God saves His chaste impearled One! in Covenant true. "O Scotia's daughters! earnest scan the Page" And prize this Flower of Grace blood-bought for you. Psalms IX.XIX.'
[Some personal observations: the name Margaret is derived from the Greek word for "pearl"; the word "impearled" (which perhaps was also intended to suggest "imperiled") clearly refers to this, but it may also be a poetic allusion to the manner of her death (see below).]
Though not directly connected with Stirling, these statues represent the traditional story of Margaret Wilson who, aged 18, was executed by drowning in the Solway Firth for refusing to renounce her Presbyterian principles. A plaque nearby states that statues of heroes of the Scottish Presbyterian Reformation were set up when the cemetery was opened, and were part of the "educational and improving atmosphere of Victorian Stirling"; there were even cemetery guides.
Though it is not mentioned anywhere at this site, Margaret Wilson was one of the "Wigtown Martyrs". The grave of Margaret Wilson and other Wigtown Martyrs can be seen here: NX4355 : Covenanters' Graves
, where the horizontal stone is that of Margaret Wilson. Another monument to their memory can be seen here: NX4355 : Approach to the Martyrs' Stake
, where the background story is briefly related.
Thanks to Kim Traynor for additional information.