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Let  \\[ (Vt)(x)= {1\\over 2\\pi} \\int^1_{-1} \\log\\Biggl({1\\over|x- y|}\\Biggr) t(y) dy,\\quad -1< x<1. \\]  Let \\(W_h\\) be any finite-dimensional space of functions defined on \\([-1,1]\\) such that \\((Du_h, u_h)< \\infty\\) for all \\(u_h\\in W_h\\). Let \\(\\{\\phi_k\\}^N_{k= 1}\\) be a basis for \\(W_h\\). Let  \\[ D_h[l, k]= (D\\phi_k, \\phi_l),\\;C_h[l,k]= (V^{- 1}\\phi_k, \\phi_l), \\]   \\[ \\widetilde C_h= M_h V^{-1}_h M_h,\\;V_h[l, k]= (V\\phi_k, \\phi_l),\\;M_h[l, k]= (\\phi_k, \\phi_l). \\]  Let a partition \\(\\Gamma_h\\) consist of \\(N+1\\) subintervals determined by the points \\(-1= x_0< x_1<\\cdots< x_N< x_{N+ 1}= 1\\), \\(h_k= x_k- x_{k-1}\\) \\((1\\leq k\\leq N+ 1)\\),  \\[ h_{\\max}= \\max_{1\\leq k\\leq N+1} h_k,\\quad h_{\\min}= \\min_{1\\leq k\\leq N+1} h_k. \\]  For \\(r\\leq 2\\) and \\(0\\leq m\\leq r-2\\), let \\(S^{r, m}_0(\\Gamma_h)\\) denote the space of \\(C^m\\) splines of order \\(r\\), that vanish at \\(\\pm 1\\). The main result of the paper is:   Let \\(\\{\\phi_k\\}^N_{k= 1}\\) be any basis for a trial space \\(W_h\\in\\widetilde H^{1/2}(\\Gamma)\\), \\(\\Gamma= [-1,1]\\) and let some other conditions fulfilled. Then  \\[ c_1(\\widetilde C_h u,u)\\leq (D_h u,u)\\leq c_2\\theta_h(\\widetilde C_h u,u) \\]  for all \\(u\\in\\mathbb{R}^N\\), and hence \\(k(\\widetilde C^{- 1}_h D_h)\\leq c\\theta_h\\), where \\(k(D_h)\\) is condition number of the operator \\(D_h\\). For \\(W_h= S^{r, m}_0(\\Gamma_h)\\) the inequality \\(\\theta_h= [1+ \\log h_{\\min}]^2\\) 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