The base of the sliding jaw is wedge shaped, and clamped in place by collar with a thumb screw. The extra length of the jaw from the jaw face to the clamp allows for spring action for the jaws to grip and release.
The April 26, 1910 SHAW (pat. no. 956,280) and March 9, 1920 Frederick E. Walden "WAL-PAT" (pat. no. 1,333,517) have a similar spring action between the jaws.