USUALLY the existing capacitor would be fine. It was NOT replaced on a regular basis (i.e., you usually kept the same capacitor in place when changing the battery).
That being said, electrolytic capacitors do have a tendency to lose the ability to hold a charge over decades . That would not be so bad were it not for the fact that if you have a B-C flashgun, it is probably decades old.
If the flashbulb won't fire, or if you find that a fresh battery has lost its power after storing the flashgun, you can replace the capacitor with a new electrolytic capacitor (of about the same capacity, measured in microfarads, and A voltage rating as high or higher than that of the battery you will be using