Nobody says the .303 Brit is a slouch, and the .303 and .30-40 are basically the same, ballistically. The .30-40, however, to believe the myths about it, is about equal to a Brown Bess. In its period loading it propelled a 220gr bullet at about 2000fps, compared to the 7x57’s original loading, of a 172gr bullet at about 2200fps. In practical terms at actual combat distances, there’s not a lot of difference except on a ballistics table -at least, if soldiers are trained in how to aim their rifles. The bigger problem in the Spanish American war was that most US soldiers in that conflict were still armed with Trapdoor Springfields, were equipped with equipment left over from the Civil War, and had little training. But the Krag (and its round) made a nice scapegoat because the military wanted to justify upgrading to a Mauser-style system and it’s easier to blame equipment to take the attention off poor leadership.