Wallace served as a Member of Parliament, representing the Vancouver Island riding in British Columbia during the final months of the 1st Canadian Parliament from 15 December 1871 until 8 July 1872 as part of the Conservative party.

[1] The son of Robert Wallace and Margaret Stewart, he was educated in Glasgow and later came to Canada.

Wallace was a commission merchant in Victoria, British Columbia.

He was president of the convention of delegates to the "Confederation League" held in Yale, British Columbia in 1868 which had the aim of speeding up the entry of British Columbia into Confederation.

[2] Research by employees of the Public Archives of Canada and the Library of Parliament found no record of his death.