I have bought two very similar tools.
I think I have found the patent by William Bernard and the company(Both names on one tool):
"The Wm. Schollhorn Co., founded in 1870 in New Haven, Connecticut, began the tradition of Sargent Quality Tools. William Bernard, inventor of the Bernard parallel action pliers, sold his idea to the Wm. Schollhorn Co, and over the years Bernard served as an engineer, salesman, and finally partner in the company, having designed a wide variety of pliers, ticket punches, and other related general-purpose tools. About eighty years later, The Sargent Manufacturing Company acquired the Wm. Schollhorn Co., and became known as the Hand Tool Division of Sargent Manufacturing.
The parallel action design at the turn of the century revolutionized the plier industry. Variations of this plier, manufactured by Sargent, can still be found in sportsman catalogs. The parallel action pliers frame has been purchased by other manufacturers over the years and adapted for many specific applications."
http://www.sargenttools.com/About/Our-History
Anyone know what it is used for?