Quite a nice canoe -- and it does seem that the paint and canvas, if not actually original, are 50 years or more old.
I agree with the advice above -- dish detergent, gentle brushing and thorough rinse, and a good marine varnish on the interior for UV protection. The varnish on the gunwales and decks seems pretty well gone -- I think I would lightly sand them before varnishing them, not necessarily to get rid of all weathered wood, but to get rid of the worst discoloration. I would apply only one or two coats, and I also would use a satin varnish for the final coat, though others would use gloss -- a matter of personal taste. That should leave the canoe in good shape for display for a long time.
However, paint and canvas that are 50 years old or even older (the camp seems to have been established in 1921 -
http://www.griesmyer.com/Pages/camp_kingsley.aspx ), will not likely stand up to much use, though the canoe may be basically watertight. The paint is clearly in poor shape, and the paint and the underlying filler have probably lost most of the flexibility they originally would have had. If you do use it, I would do no more than a bit of easy paddling on protected water, taking care go easy on the paint and canvas as the boat is launched and landed. Bring a sponge and a bailer. I expect the canoe will be ok with a bit of easy use.
Do you know who made the canoe? Your pictures don’t give a clear view of the decks, but it seems as though it may be an Old Town. If so, there should be a serial number stamped into the floor ends of both stems. If an Old Town, we can give you some information about the canoe -- model, when made, etc., if you post the number here.
Greg