Someone recently started an online petition to encourage the preservation of the memorial. You can find out more here.
One of the best ways to protect the memorial from dismantling, is to have it listed in the National Register of Historic places. It takes a bit of work to get this done, but because the site has definite historic merit and integrity, it is a good candidate for such a listing. The Oregon State Historic Preservation Office agrees that this is a good candidate for a nomination, all that is needed is someone to take up the task.
Meanwhile, we’ve been told that a professional conservator has looked at the memorial and that it is certainly restorable.
Portland Preservation 
Local historian/blogger (Cafe’ Unknown) Dan Haneckow and Portland Architecture blogger Brian Libby have both written about the Memorial.
Check out what they have to say.
Portland Architecture blog: http://www.typepad.com/services/trackback/6a00d8341c86d053ef0128775ab13e970c
Cafe’ Unknown Blog:
http://www.cafeunknown.com/
That monument beautifully fills an unusual niche in Portland’s urban fabric. It would be a sacrilege to remove it. It needs to be repaired and left in place. Once again, the city seems to be showing little respect for its own past. We need to hold on to the few “period” architectural and cultural artifacts we have left.
Send letters and emails to city council members about the David Campbell fountain. It is important to let them know what citizens are thinking, if we are to avoid another loss like the Kiernan Building. Apparently they’ve only gotten a few letters on the fountain. We need to let them know how we feel.
Oregonian update on the new memorial with references to the historic Campbell Memorial: http://www.oregonlive.com/portland/index.ssf/2010/02/winning_portland_firefighter_m.html