There are two ways to control the speed of gasoline engine (really 3 but I'll skip the 3rd) one is by the Throttle method, restrict the air/fuel flow into the engine.
The "Hit and Miss" engines did it by a different method....
Ok, I won't skp the 3rd, Restrict the FUEL entry, let air run wide, this can cuase overheat thoug
What the hit and miss did is a governor held a valve open if the engine was running at "Speed" and then when the engine lost speed the vlave closed, compression happend and BANG it hit. kicking the very heavy flywheel back up to speed. this caused the governor to hold the valve open and it "MISSED" till the speed again droped.
I've seen several of them running at one time or another. Neat engine, actually very fuel efficent sicne it only drew fuel when it needed it. Unlike today's engines which burn gas all the time.