BALTIMORE'S LOCATION and early embrace of railroads made it an important city long before the dawn of the 20th century.

Maryland now has two once-in-a-generation transportation opportunities that could propel the city and region into the future, potentially bringing an economic transformation along the way.

Unfortunately, over the next year or so, both long-term investments will be simultaneously seeking huge state financial commitments.

The first opportunity involves the bid to include funds for the Baltimore Regional Rail Plan in the federal transportation reauthorization bill next fall. The state might get at least half the estimated $2 billion cost of building the first two additions to the city's light-rail and subway lines, an east-west line from the Social Security Administration to Fells Point and a Green Line extension from Johns Hopkins Hospital to Morgan State University. The state's bill, from $500 million to $1 billion, would fall due over a decade.

The second opportunity is the push to beat out Pittsburgh in 2003 for federal funds for a high-speed magnetic-levitation (maglev) train between Baltimore and Washington. The state would get $950 million for the 40-mile line on which passengers would travel at more than 200 miles per hour, making the trip in less than 20 minutes. The state's bill, beginning with $100 million for land acquisition in 2005, could total $500 million by 2010.

Let's see now, the state's running a projected budget deficit of $1.8 billion; Gov.-elect Robert L. Ehrlich Jr. is committed to building the Intercounty Connector in the Washington suburbs, which could cost more than $1 billion; and these two rail projects would involve spending another couple billion dollars? How could Maryland do that?

For now, the answer is that it can't afford not to make the strongest possible cases for federal backing of the rail plan and the maglev line, even if success means later scrambling to more firmly pin down state funding.

Put simply, these two opportunities are too big to pass up because of a what is likely to be a temporary economic downturn.

Yesterday, the Greater Baltimore Committee launched a drive to drum up support for the rail plan, which over 20 to 40 years would turn Baltimore's few transit lines into a full-scale, 109-mile system - much more firmly linking the city and its suburbs and likely catalyzing job and housing development along its corridors.

The maglev project, further along in its planning, still faces skepticism about its technology and high fares. But once running, it's supposed to pay for itself. And by so rapidly linking Baltimore to the Washington area's stronger and more stable economy, the benefits at this end could be immense. Far into the future, it also might position Baltimore well - as a key stop in a longer Eastern Seaboard maglev system.

There's no question Maryland's finances are in bad shape right now. But it would be a tragic if that meant ignoring the long-term development of the city, region and state.

For Baltimore, no other projects could be so transforming as the rail plan and maglev. But first, the state must think big, proceed optimistically, and show the federal government it really wants to bring these visions to life.