Tatou,
Well it could be, it was issued to the 123rd Cavalry Regiment, which would explain such a pronounced 123 stamp and the D ring, albeit the rifle is stamped 1894!

The 3rd Infantry, Kentucky National Guard, which served in WW2 as a part of the 38th Division, was re-organized in 1919 as the 53rd and 54th Machine Gun Squadron, in April, 1929, they redesignated the 123rd Cavalry.