The 38-56 Winchester was introduced in 1887. It made the transition into the smokeless powder era and was loaded until about 1936. Although advertised as a powerful big game number, it is little more then a deer or black bear cartridge. With maximum handloads, it might do OK for elk at short range. 

This text is based on information from “Cartridges of the World”, Hodgdon reloading manual, the cartridge designer and/or own resources.