Kind-of shielding. Capacitors are basically two strips of aluminum foil with a piece of paper between them, all rolled up and jammed into a tube. The outer foil is simply the foil that is closest to the outside of the tube. In some really cranky circuits, it can be helpful to put that towards the ground side to help shield from noise. Modern caps aren't marked for this, but you can figure it out with a scope or an audio amp. Basically you hook the thing up and whichever way produces more hum while you hold the cap in your fingers, the + lead of the amp or scope is connected to the outer foil.
and yeah, silver oxide on the leads.