I believe the way those worked was that the Beater rod hung down from above and was spring loaded to keep it away from the head. The pedal at the bottom was attached to the pedal beater with a flexible strap of some sort so when you stepped on the pedal the strap pulled the beater into the head. So there isn't a long rod passing through the beater, just the rod coming down from the top and what looks like the typical rod coming up from the pedal is actually string or rope or leather or whatever.
I think what you're seeing as a "clutch" at the top is the way you adjust the length of the beater rod going down, in order to accommodate different diameter bass drums.
I could be wrong but I do recall seeing some early pedals that were set up like that and this one looks very similar. As crude as it looks today the Ludwig's original 1909 pedal was a huge jump forward in bass drum pedal design that set the template for what we're used to today.