First I'd like to say I misread your post somewhere and ass/u/me/d your speed checking was with 26 inch tires as the factory speed rating of 25 mph is with 26 inch tires and dropping to a 21 will greatly decrease top speed.
If your speed change is with the same tire configuration then the problem exists in either an engine speed deficiency or a drive engagement issue.
Philip is right on the money, the factory 3600 rpm setting is impossible to get with the machine under load unless your mechanic wants to bounce across a field at 15mph turned around in the back seat with his hands on the hot engine.
The Argo factory for certain has B&S permission to adjust to the 4000 neutral/unloaded rpm. Think of it this way, your engine is currently set at 3600 in neutral now you put the machine in gear and go across the field and your engine is able to pull 3100-3200 rpm due to the setting and added load of the drivetrain, given your clutches are set to engage from around 1500 rpm and cycle through to 3600 rpm. With the 2000 rpm engagement curve now lessened to a 1500/1600 rpm engagement curve that is almost a 25% loss in useable power and input speed to the transmission and ultimately the wheels, hence speed loss.
So setting the engine at 4000/4100 neutral rpm when your machine is in use it can pull 3500/3600 rpm when on a flat surface, the only time the engine may reach near 4000 rpm is when the machine is held full throttle on a extended down hill run.
Oh I forgot to add this also, most 23's I've seen added to the machines seem to cycle up to about 3200 rpm with the factory settings just from the clutch engagement cycle in neutral, you may also see a slight 2-3mph drop in top end speed just from the red spring.