Yes, oxalic acid. A search of the forum will give plenty of results.....I get mine from the Sherwin Williams store...'wood bleach' or some such...a little goes a long way ! Mainly too, is that once cleaned up, if you decide to paint it, the use of wd40 will make it a real bear to get clean enough to accept paint ! All that silicone will get into everything including the pores of the metal and contaminate it thoroughly. Once cleaned up, check the joints and junctions...these old bikes are usually pinned and brazed and typically quite strong... i have an 1896 Boston I'm working on at the moment....anyhow, if the joints look good, it should be a rideable frame. Naturally, check the bearings and cups for pitting and wear, but these also hold up pretty well. As a side note, and of course not knowing what you may actually need for it...I did see quite a few parts and pieces that might be usefull currently on ebay for half decent prices....

Joe