Born in Troy, Texas, Wallace attended the University of Oklahoma College of Law and read law to enter the bar in 1910.
During this time, he was a member of the Oklahoma House of Representatives from 1909 to 1910, city attorney of Pauls Valley from 1911 to 1912, a county judge of Garvin County, Oklahoma from 1913 to 1917, and a member of the Oklahoma Senate from 1919 to 1923.
He was Chairman of the Oklahoma Public Welfare Commission from 1939 to 1942.
[1] Wallace was nominated by President Harry S. Truman on April 17, 1950, to a joint seat on the United States District Court for the Eastern District of Oklahoma, United States District Court for the Northern District of Oklahoma and the United States District Court for the Western District of Oklahoma vacated by Judge Bower Slack Broaddus.
His service terminated on June 24, 1960, due to his death.