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In 1859 he won his most important competition, that for the Wallace Monument in Stirling, which was completed in 1869. This went Â£5000 over budget which resulted in the bankruptcy of the contractor and Rochead never receiving his fee.
Wallace was the younger son of a Scottish knight and minor landowner. His name, Wallace or le Waleis, means the Welshman, and he was probably descended from Richard Wallace who had followed the Stewart family to Scotland in the 12th century.Little is known of Wallace's life before 1297.is name, Wallace or le Waleis, means the Welshman, and he was probably descended from Richard Wallace who had followed the Stewart family to Scotland in the 12th century. Little is known of Wallace's life before 1297.