The Paramount is NOT a 1903 Colt, not even close. It is typical of the low cost, poorly made Spanish pistols of the early 20th century. Most were not even steel, being made from cast iron. While they were not as bad or as dangerous as the Spanish revolvers of the 1920's, mainly due to the less powerful cartridges, they won't stand up to much use (and were never intended to). Parts are not hardened and eventually batter or break. Never guaranteed when new, the surviving ones cannot be repaired as there are no parts available and having parts made would cost many times what the gun is worth. They generally bring $50-75 in the gun shops that will even put them up for sale.
Most gun dealers won't even take them in trade, since they can't offer a guarantee and the amount that can be made on a resale wouldn't cover the cost of the paperwork.
If that gun shoots, fine, have fun. But I would not depend on it for any serious purposes and would not waste time or money trying to fix it if something breaks.
Jim
