Salem Wallace was born on October 17, 1795, in Virginia. He moved to Kentucky by the early 1820s, and he married Elizabeth R. Shannon on March 27, 1821, and they probably had one daughter. Elizabeth probably died in the 1820s. By 1830, he was living in Madison County, Kentucky, and he owned at least four enslaved laborers.
He married Eliza Jane Turpin, and they had at least seven children: William, born around 1836; Ann, born around 1842; Frances, born around 1844; Oliver, born around 1845; Margaret, born around 1847; Salem, born around 1851; and Henry, born around 1855. Wallace worked as a farmer in Madison County, and by 1860, he owned $24,500 of real estate and $21,800 of personal property, including at least 27 enslaved laborers. He died in Kentucky on March 24, 1868.