A town may instruct the selectboard to erect a building or monument to the memory of citizens of such town who were in the military or naval service during any wars in which the United States has been engaged and may appropriate sufficient money for that purpose, and may issue its notes or bonds extending over a period that shall not exceed five years to cover the expense of the same. Such town may also instruct the selectboard to have inscribed upon such monument or upon or within such buildings the names of such persons credited to such town by the State, or federal authorities, who entered the service of the United States during such wars and died while in such service or were honorably discharged.