He was the only son of Margaret Stewart, wife of Rev Matthew Wallace, the parish minister of
Kincardine-in-Menteith (west of
Stirling), where he was born on 7 January 1697. Educated at
Stirling grammar school, he then attended the
University of Edinburgh in 1711, and acted for a time (1720) as assistant to James Gregory, the University professor of mathematics. He was one of the founders of the
Rankenian Club in 1717. On 31 July 1722, Wallace was licensed as a preacher by the presbytery of
Dunblane, Perthshire, and he was presented by the
Marquis of Annandale to the parish of
Moffat, Dumfriesshire, in August 1723. In 1733, he became minister of
New Greyfriars,
Edinburgh. He offended the government of 1736 by declining to read from his pulpit the proclamation against the
Porteous rioters. On 30 August 1738, he was translated to the
New North (St Giles). In 1742, on a change of ministry at Westminster, he regained influence, and was entrusted for five years with the management of church business and the distribution of ecclesiastical patronage. From a suggestion of John Mathison of the
High Kirk, St Giles, Wallace, togerther with
Alexander Webster of the Tolbooth St Giles, developed the Ministers' Widows' Fund. On 12 May 1743, Wallace was elected
Moderator of the General Assembly of the Church of Scotland. The Assembly approved the Widows' Fund. scheme, and at the end of the year he submitted it in
London to
Robert Craigie, the
Lord Advocate, who saw it into legislation as the
Ministers' Widows Fund (Scotland) Act 1743 (
17 Geo. 2. c. 11). In June 1744, Wallace was appointed a
Chaplain in Ordinary to King George II in Scotland and
Dean of the Chapel Royal. He received the honorary degree of D.D. from the
University of Edinburgh on 13 March 1759, and died on 29 July 1771. His position at New Church, St Giles was filled by
Rev William Gloag. ==Works==