Let C be a smooth closed curve of length 2 Pi in R^3, and let k(s) be its
curvature, regarded as a function of arc length. We associate with this curve
the one-dimensional Schrodinger operator H_C = -d^2/ds^2 + k^2 acting on the
space of square integrable 2 Pi - periodic functions. A natural conjecture is
that the lowest spectral value e(C) is bounded below by 1 for any C (this value
is assumed when C is a circle). We study a family of curves {C} that includes
the circle and for which e(C)=1 as well. We show that the curves in this family
are local minimizers, i.e., e(C) can only increase under small perturbations
leading away from the family. To our knowledge, the full conjecture remains
open.