Pretty much is in its use position to be honest...the litle bar on top is sprung loaded and goes up and down. The T shaped bit on the left slides. As it slides to the left it increases the angle realtive to the blue body of the tool.
I'm happy to help by saying its a very large example of its type!
Its a set Jig for very large crosscut saws. Most saw sets (before saws were disposable) were pliers type arrangements used for adjusting the small teeth on panel saws, tenon saws etc. This brute adjusts the set (angle) of teeth over an inch long, by putting the saw into the jig, adjusting the desired angle by sliding the T piece and then striking the lever with an 8 ounce hammer.
The other tool shown is a jointer for a large saw. Used with a file it ensures all teeth are a uniform height.
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