Until the 24th of March, 1897, the Bank of Costa Rica sold drafts on New York for five points more than for those on London. Since the 25th of March, 1897, the difference of exchange between those cities has been eight per cent.
The rates on London, in October and November, 1897, were 127, and those on New York were 135.
XIII.
POLITICAL ORGANIZATION.
Costa Rica is a republic, the government of which is representative, the representatives being classified so that one-half retires every two years. Since 1825 Costa Rica has had nine constitutions, the last one having been promulgated in 1871.
The government is administered through three distinct branches; namely, the legislative, executive and judicial.
Legislative powers are vested in a single house whose members are chosen, one for every 8000 inhabitants, for a term of four years by an electoral college. This body is called the “Constitutional Congress” and assembles every year on May 1 for a sixty days’ session, which may be extended for thirty days more.
The executive power is vested in the President of the Republic who is elected for four years and has the power of naming or removing his four cabinet ministers.
Annually, in May, Congress appoints, for a term of one year, three substitutes called “designados.” During the intervals between sessions of Congress legislative power is represented by a board of five commissioners appointed by Congress.
Judicial power is lodged in a Supreme Court and in subordinate tribunals as constituted by law. The judiciary is changed every four years.
Suffrage is restricted to popular conventions which choose a limited number of electors. These meet in a body called the electoral assembly and proceed to choose the President of the Republic and the Congressmen.