The patent is a means to adjust pliers or cutting pliers like those patented by W. A. Bernard (Pat. no. 479,113 and reissue Pat. no. RE13,657). An eccentric adjusting sleeve around the main pivot pin adjusts the closure of the subsidiary or cutting jaw relative to the closure of the main jaws.
See also 1,206,198 for W. A. Bernard's alternative to accomplish this adjustment.