That's a good bike, and the brakes will work if set up right. Your pads are probably 20+ years old, get some new ones. If you are really cheap you could try removing the pads and sanding them on a flat surface with 150-220 grit paper. Just knock off enough to get to some "fresh" pad. I would clean the rims with a green scotchbrite and some Dawn, rinse off good. I like these in Black or Dual-
Kool Stop International - High Performance Bicycle Brake Pads Since 1977