You might want to google; bell pull kit.

These kits were popular back when people were doing kit needlecraft crafts, maybe the 1970s?

ML

Probably a bell pull tapestry - just not finished off with the usual bell pull hardware at the top and bottom. I would hazard it to be intended as a wall hanging though - design style I'm not savvy enough to identify.

It's quite probably one of the Victorian beaded things made by some of the Eastern tribes.

They are usually well-beaded, but some are unbelievably gaudy. Sometimes called "Whimsies", usually called "uglies" by collectors.

http://iroquoisbeadwork.blogspot.com/

http://pinterest.com/leslieg542/iroquois-beading/ (especially the one in the upper right ... I have one of those with beaded loop fringe!)

Here is a link that might be useful: Some history od that style beadwork