The chainrings are being replaced. I bought the bike for $8 at the Salvation Army store (I could't resist). I should start a thread in the Classic/Vintage section on my restoration efforts. I am going to convert the bike to a single speed because the derailleurs are rusted solid. I may reuse the small chainring because it's still in decent shape.

Here is a pic of what I am working with. Thank you all for your help.