I was thinking a post drill. I just didn't know how well made, that is, accurate they were. If you have a modern and inexpensive drill press where the table can be adjusted, the tolerances are often poor and setting it right at 90 degrees gets a 89-91 degree hole which might be okay for some jobs but is not really that accurate. A non-adjustable drilling jig would really work better.
THAT got me to thinking about the old methods. Some of the cheaper folding knives, such as Barlow, the sides were quickly forged with a trip/tilt hammer so you got the liner with an integral front bolster. No rear bolster meant you could pretty quickly fit a scale over each liner and trim to shape. I think the material was cut to length over a hardy (upside down chisel set into the anvil) and I am thinking the holes were punched and then reamed perfect in diameter and being square 90 degrees.
Although there were a lot of utility grade folding knives some were finely made, really works of art, the blades mirror polished, the scales made of fine skip line checkering or mother of pearl, etc. and the bolsters engraved- equal to anything made today. My current project is going to have a square tang, the angles have to be perfect so in a closed position the sharp edge is just off the spring, hitting the spring or resting on it could damage the edge. My efforts so far are "so-so" I'm making patterns from Plexiglas. Plexiglas is great for this type of work because it is flexible, in other words, in using Plexiglas the spring actually works, snapping the blade open and closed.
Given the primitive workshops back then- the quality of knives they made was incredible.