Fluid leaking from exhaust

[PugNug]

Just bought a 1983 gs850G and I noticed that when I started it and let it warm up A liquid begins to Leak out of some small holes underneath the exhaust. It’s semi dark in color and it doesn’t smell like anything in particular.(Doesn’t smell like gasoline) it is very watery and not viscous, When I rev the Bike, it sputters out more erratically. This is the oldest bike I’ve owned,
is this common?
Is it just leaking oil out of the exhaust?
Are those little pinholes underneath supposed to be there?

other than that, the bike runs Great, and I know that the carburetors were just rebuilt and the previous owner said he just did a oil change

I tried using the advanced search to Find anyone with the same problem and couldn’t find anything so I’m sorry if this has already been asked and answered.
thanks for your time.

 

[Nessism]

It's condensation. The dark color is likely rust, or carbon and oil inside the exhaust system. The fact that the holes are open in the mufflers, is a good sign. Loose rust often plugs up the drain holes. They are there for just the reason you mention: allow condensation to exit, and reduce rusting.

 

[chuck hahn]

Condensation weep holes. Stick your finger in it and smell it. Smells like dirty water

 

[PugNug]

Wow I was not expecting a response that quickly or in such detail, thanks a bunch

 

[rphillips]

Welcome PUG, tell us a little more about yourself. Been riding long, why a GS850, other bikes??, and we Lovvve pictures, there was a "82" GS850 shown today in the For Sale section of this site.