It’s been 45 years since Dr. Martn Luther King Jr. delivered his famous “I Have a Dream” speech on the National Mall in Washington.

Now a dream to honor the civil rights leader with a monument in the nation’s capital is closer to becoming a reality—if those who have a hand in getting it built can stop squabbling.

The memorial will be a 28-foot statue of King emerging from a mountain of granite and will sit on a four-acre site between the Jefferson and Lincoln memorials.

The cost is estimated at $125 million. But more than $100 million has already been raised...

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