Young Jesse graduated from Beardstown High School in summer 1918 and passed the competitive examinations to the United States Naval Academy at Annapolis, Maryland, receiving an appointment in June 1918.

[8][13][14] Upon his graduation, Wallace was ordered to Pearl Harbor, Hawaii, and assigned to the staff, Commander, Minecraft, Battle Force under Rear admiral William C. Watts.

[17] Wallace was detached from Cushing in late May 1940 and ordered to Naval Station Tutuila, American Samoa for duty as attorney general on the staff of Governor, Commander Edward Hanson.

When Hanson completed his term at the end of July that year, Wallace assumed temporary duty as Governor of American Samoa, holding that office for one week before Laurence Wild arrived.

[18] Following the Japanese Attack on Pearl Harbor and the United States entry into World War II, Wallace was promoted to commander on January 1, 1942, and to the temporary rank of captain on June 21 that year.

He embarked with his ship via Panama Canal Zone for San Diego, California, arriving in late September and becoming the flagship of Commander, Amphibious Group 4 under Rear admiral Lawrence F. Reifsnider.

[8] Wallace then commanded Eldorado during the amphibious landings on Iwo Jima in February 1945 and Okinawa in April that year and took part in the preparations for the proposed invasion of the Japanese home islands.

Smith Corporation, he served as a member of the board of directors of several firms in Milwaukee, a trustee of Downer College, and also was active in the Junior Achievement organization and American Red Cross.