Do you mean baseline in the typographic sense? (That is, each line of text is level with a corresponding line in the other column) If that's the case, the font sizes need to be multiples of each other -- for example, 12 and 18px (1:1.5).
If you mean the divs need to be the same height, there isn't an easy way to do this. You can manually set a height (height:100px;), or use javascript to adjust one as the other changes.
Or, you can fake the same height by enclosing the two divs in a container, and then applying a background style to the container that mimics the look of the columns, setting it to repeat vertically. That way, you get faux columns. For an in-depth look, see this classic A List Apart article.
Did you mean, you have two pieces of text, and both need to be at the bottom of the columns? (sorry, can't post an image yet)
One way you can do this is using the Faux Columns method above.
The other way is to set up the text in its own container inside the text. Then, position both absolutely at the bottom of the columns ... here's a long snippet:
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8" />
<title></title>
<style type="text/css" media="screen">
.col { width:200px; float:left; }
.short { height:200px; background:#eee; margin-bottom:20px; }
.long { background:#ddd; margin-bottom:100px; /* margin equal to height of #big */ }
#container { overflow:hidden; width:400px; margin:0px auto; position:relative; border:1px solid green;}
#big, #small { position:absolute; bottom:0px; width:200px; }
#big { height:100px; background:red; }
#small { height:20px; background:green; right:0px; }
</style>
</head>
<body>
<div id="container">
<div class="col long">
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
</div>
<div class="col short">
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor
</div>
<div id="big" >BIG</div>
<div id="small">small</div>
</div>
</body>
</html>