Alrighty,
So, would you feel comfortable firing modern 7.62 in one of these?
http://www.ar15.com/forums/topic.html?b=7&f=93&t=700629
I'm skeptical

I thought 308 was a hotter round then 762 I could be wrong though

You can probably only fire lower pressured NATO 7.62x51 if it was converted for the military.

Assuming they are headspaced correctly, absolutely.

I just don't understand how they can be sold with no FFL when the chambering was obviously changed after 1898.  I guess it is legal or they wouldn't be able to sell them, but I thought the gun had to be the same as a pre '98 examle.

I would have no problem firing standard pressure 7.62 NATO rounds in a Model 95 Mauser.  Commercial .308 is hotter and would give me pause.

7.62x51mm - without a moment's hesitation
.308 Win - eh, not so fast.  Would take a closer look at the ammo

I'll be the voice of caution here.  The 7mm mauser round that the small action 1895's were designed to tolerate a maximum load of 56000 PSI, .308 comes in under that at 50000 PSI, but 7.62 can be loaded at 62000 PSI.  PSI might be the wrong measure, as it's really copper units of pressure, whatever that means.  Having said that, small ring mausers were built over 100 years ago, and have likely seen significant use.  I'd be reluctant to fire a small ring mauser that has been rechambered to .308 or 7.62.  you'd be better off buying a rechambered large ring mauser in 7.62.  I'm basically requoting what a gunsmith told me when I had the bolt bent and safety modified on a pristine 1895 mauser I bought 12 years ago.  He  told me quote "you've got a great gun here in 7mm, that will likely shoot the 173 grain loads very well, but don't buy into changing it to .308"  He was right, the gun shoots the 173's much better than the 140's.

A small ring mauser IMHO should not be used with commercial .308. I think this proves to be true if you look at the Spanish FR7 which is based off of the small ring mauser and is chambered in .308, that it will not handle commercial .308 loads. NATO spec ammo is going to be your best choice for safe ammo unless you hand load. There are many write ups about this on surplus rifle that back this theory up with all kinds of specs and testing.