What are the setting and climax of "The Money's Paw," and why is it ironic?

The setting is the house of a blue-collar working class family, all "hearth and home," which takes a sinister turn upon the arrival of a guest from a faraway land.  Though he does not seem to be malevolent, he brings the storm outside within the home. The talisman brings its curse by its sheer presence; it also evokes an unnatural and even morbid curiosity from the family members. The lurid flames from the fire presage the curse which is to come, and from this point on things go from bad to 'the worst.' The house which is literally 'a haven in the storm' in the beginning becomes nightmarish and freakish. All the knocking and clattering crescendoes upon Herbert's phantom return until his father puts both soul and body to rest. Which brings us to the second half of your question. The climax coincides with the crisis, the point of no return. This is determined by the father's choice, not the mother's, for it is he who 'saves' his son by the third and final wish. When he does this, 'the storm inside' suddenly abates - the uncanny noises cease, and once again natural order (and not the supernatural one) prevails.

The setting is ironic because the White's home which should symbolize family unity and safety becomes a kind of hell-house instead until the curse of the supernatural is broken; the climax is ironic in that Mr. White's choice which could seem cruel is rather an act of mercy done out of love for his son.