Of the revenue, about 64% is derived from customs and excise; 9% from property, road, military, slaughter and salt taxes; 1.7% from the gunpowder monopoly; and the remainder from various taxes, stamps, government lands, and postal and telegraph services. The estimated revenue for 1905-1906 was 23,000,000 pesos (about L328,500); the estimated expenditure was 27,317,659 pesos (L390,200), of which L242,800 were allotted to the public debt, L42,000 to internal development and justice, L29,000 to the army and the remainder largely to education. The gold value of the currency peso (75 = L1 in 1903, 70 = L1 in 1904, 58 = L1 in 1905) fluctuates between limits so wide that conversion into sterling (especially for a series of years), with any pretension to accuracy, is impracticable. In 1899 the rate of exchange moved between 710% and 206% premium on gold. According to the official statement, the gold debt, which runs chiefly at 4% and is held in Germany and England, amounted to L1,987,905 on the 1st of January 1905; the currency debt (note issues, internal loans, &c.) amounted to L704,730; total L2,692,635, a decrease since 1900 of about L300,000. _Government._--According to the constitution of December 1879 (modified in 1885, 1887, 1889 and 1903) the legislative power is vested in a national assembly of 69 deputies (1 for every 20,000 inhabitants) chosen for 4 years by direct popular vote, under universal manhood suffrage. The president of the republic is elected in a similar manner, but for 6 years, and he is theoretically not eligible for the following term. He is assisted by 6 ministers, heads of government departments, and by a council of state of 13 members, partly appointed by himself and partly by the national assembly. _Local Government._--Each of the twenty-two departments is administered by an official called a _jefe politico_, or political chief, appointed by the president, and each is subdivided into municipal districts. These districts are administered by one or more _alcaldes_ or mayors, assisted by municipal councils, both alcaldes and councils being chosen by the people. _Justice._--The judicial power is vested in a supreme court, consisting of a chief justice and four associate justices elected by the people; six appeal courts, each with three judges, also elected by the people; and twenty-six courts of first instance, each consisting of one judge appointed by the president and two by the chief justice of the supreme court.