I think it is a clothes wringer, but I haven't seen one that has an open end like that. When folks did their washing by hand, you squeeze the water out of the clothes by running them through a device simiar to this one. There are lots of different versions of them. To see bunches of them, you can run a Google image search for antique wringer and all kinds of interesting wringers come up. I think your patent date says 1874, right?