An heirloom of Hawai'i's past rests in Honolulu Harbor, a world-class legacy that may take an heroic effort to save.

That is the challenge confronting the Bishop Museum, owner of the 130-year-old Falls of Clyde docked adjacent to its Hawai'i Maritime Center. The only surviving fully rigged, four-masted sailing ship left in the world, the Scotland-built ship sailed throughout the Pacific for 21 years before settling in the Islands, the first vessel of its kind to fly the Hawaiian flag.

Despite ongoing efforts to maintain the restored ship, corrosion is taking its toll and the projected expense of long-term upkeep is staggering. Estimates call for at least $30 million in repairs, not even counting the multi-million-dollar costs of drydocking.

This has put the project well beyond the reach of state taxpayers; clearly, only private funding can save the ship.

The museum is researching its options, trying to get a realistic reading on insurance available and what financing arrangements are possible. But work needs to begin soon, making the situation daunting: There's no time for a protracted fundraising campaign.

For those in the private sectory with proposals, now is the time to step up. A National Historic Landmark is at risk.