Steves,
The 40/70 2.1 is a bugger to make shoot, after finding a bullet short enough to load correctly, the rifling twist becomes a major factor.
Most of the rifles chambered for this cartridge were marked as such, if on top of the barrel, it is probably also marked C.Sharps Arms (distributor for Shiloh in the early 80's). If not, remove the forearm, it will give serial number and caliber designation there, also possibly a wolfhead stamping if Wolfgang himself worked on the rifle.
I have owned a coulple of these over the years, if it has the infamous "Paper Patch" or "Freebore" chamber as some call it, which I would bet it has, my suggestion would be to rebarrel as Shiloh will rebarrel these for half price. I beleive they get $450.00 for a standard rebarrel job, so half would be $225.00. You will spend more that that getting the 2.1" to shoot for you, not to mention the loss of hair. Stay with a caliber that uses the 45/70 head/extractor (40/50BN, 40/70BN (2.4), 40/90BN, 45/70-90-100-110) and you will have no other expense unless you change barrel weight (new forearm). You can also sell the 2.1" barrel and recover some of your rebarrel cost.
I have asked Shiloh in the past if they can punch this chamber out to 2 1/4" or 2 5/8" Bottleneck. They do not recommend it.