Imagine if your tongue was actually tied. You can't really talk, but you can still make sounds. This can be compared to a guy stuttering because he saw a pretty girl. It's because he's either shy or embarrassed.
However, if you're speechless, then no sounds can come out. A person can become speechless when they are in shock. Their throat closes up, and no sound can come out. It can be because of anger, fear, jealousy, etc.
I hope that clarifies it a little more.