[1] Wallace was nominated by President Ulysses S. Grant on April 2, 1874, to a seat on the United States District Court for the Northern District of New York vacated by Judge Nathan K. Hall.

He was confirmed by the United States Senate on April 7, 1874, and received his commission the same day.

He was confirmed by the United States Senate on April 6, 1882, and received his commission the same day.

Wallace was assigned by operation of law to additional and concurrent service on the United States Court of Appeals for the Second Circuit on June 16, 1891, to a new seat authorized by 26 Stat.

[1] Following his retirement from the federal bench, Wallace resumed private practice in Syracuse from 1907 to 1917.