A JUNIOR B737 CAPT ALLOWS AN EXPERIENCED FO TO GET HIS ACFT INTO A DESTABILIZED APCH; WHICH MANDATED A MISSED APCH AT MDW.

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ON APCH INTO RWY 31C AT MDW I LET MY FO GET HIGH. I FINALLY REACHED FOR THE GEAR HANDLE AND HE CALLED FOR GEAR DOWN. (GOOD DECISION; BUT TOO LATE.) APPROX 3 MI OUT I REALIZED THAT WE MIGHT NOT MAKE IT DOWN SO I ASKED FOR S-TURNS (GOOD DECISION). TWR SAID HE HAD TFC TO THE L SO I THEN ASKED FOR A R 360 DEG HDG; WHICH WAS APPROVED. (EXCELLENT DECISION.) MY FO STILL SAID THAT HE THOUGHT WE COULD MAKE IT. I THEN TOLD TWR WE WOULD CONTINUE THE APCH. (BAD DECISION.) AT 1000 FT WE WERE NOT IN PARAMETERS SO I ELECTED TO GO AROUND. (EXCELLENT DECISION.) THE CTLR OFFERED RWY 22; SO WE ENTERED A L DOWNWIND. (BAD IDEA.) WE TURNED BASE AND OVERSHOT RWY 22L AND WERE GIVEN A VECTOR OF 240 DEG HDG RWY 31C FROM WHICH WE MADE A NORMAL APCH AND LNDG. REACHING THE GATE I MADE A PA AND TOLD THE PAX THAT WE WERE TOO HIGH TO MAKE A SAFE LNDG SO WE ELECTED TO GO AROUND AND MAKE A NORMAL LNDG. BACKGROUND: THIS WAS THE SECOND LEG OF MY FIRST CAPT TRIP. THE FIRST NON-FLYING LEG WITHOUT A CHK AIRMAN. MY FO WAS A 4 YR PLUS PLT WITH 20 YRS EXPERIENCE FLYING AIRLINERS. I BELIEVE THAT I LET HIS EXPERIENCE INFLUENCE MY DECISION TO CONTINUE THE APCH. I SHOULDN'T HAVE LET MY FO GET HIGH AND SHOULDN'T HAVE ACCEPTED RWY 22L FROM SUCH A TIGHT DOWNWIND. I ALSO SHOULD HAVE MADE THE PA IN THE AIR WHILE ON DOWNWIND TO RWY 31C. I THINK AN INFLT PA WOULD HAVE MADE EVERYONE MORE COMFORTABLE. I KNOW THAT IF MY FO WAS A NEW GUY THIS NEVER WOULD HAVE TAKEN PLACE. I NOW KNOW THAT IN THE FUTURE I WILL NEVER LET THE EXPERIENCE OF ANYONE LULL ME INTO A DECISION THAT I AM NOT COMFORTABLE WITH. LESSONS LEARNED: DON'T LET ANYONE (ATC; FO; ETC) PUT YOU AS A CAPT IN A SIT THAT IS BEYOND YOUR COMFORT LEVEL. A GOOD DECISION WAS MADE TO GO AROUND; BUT I NEVER SHOULD HAVE HAD TO MAKE THAT CALL. SUPPLEMENTAL INFO FROM ACN 548725: LESSONS LEARNED: WHEN THE DECISION TO GO AROUND IS MADE; DO IT FIRST AND THEN MAKE THE APCH THAT YOU ARE COMFORTABLE WITH.