I love the M1 carbine but saying it's the ballistic equivelant of the 357 magnum is a stretch imo. 347 magnum 125 grain bullet fired from a 20" barrel = 2350 fps, 30 carbine 110 grain bullet from 18' barrel = 1990 fps. 360 fps avg with a wider heavier bullet is a lot.
Typical commercial .357 magnum is going to be moving at about 1800-2000 fps from a 18" barrel. See this chart: http://www.ballisticsbytheinch.com/357mag.html
You can get .357 going faster and approaching .30-30 performance with rounds from Buffalo Bore (or by reloading your own), but it's not really the same thing.