The President of the United States of America takes pleasure in presenting the Silver Star to Captain Charles M. Wallace, Jr. (MCSN: 0-45673), United States Marine Corps, for conspicuous gallantry and intrepidity as a Pilot in Marine Attack Squadron THREE HUNDRED TWELVE (VMA-312), in action against enemy aggressor forces in Korea on 27 December 1952. Participating in a naval gunfire spotting mission against enemy shore installations near Pungaan when he was informed that a member of his squadron had been shot down and had parachuted into the icy waters of the Taedong estuary, Captain Wallace requested permission to join in the rescue effort and, accompanied by another member of his flight, immediately proceeded to the scene of the downed pilot to establish a high protective cover over him. When a flight of hostile jet interceptors approached at high speed to harass friendly helicopters and surface craft engaged in the rescue operation, he quickly maneuvered his plane to meet this threat and deliberately engaged the vastly superior fighters in head-on firing runs, successfully diverting the enemy attack on the defenseless helicopters. In the ensuing aerial duel, he aggressively participated with his fellow airmen to thwart repeated enemy attempts to interrupt the rescue, and assisted in forcing the hostile fighters to disengage. Subsequently, with the friendly surface craft subjected to intense enemy anti-aircraft and shore battery fire, he immediately carried out a low dive to strafe the weapons and, when his supply of ammunition was exhausted, continued simulated runs which effectively suppressed the hostile fire. Although his fuel reserve had reached a dangerously low level, he fearlessly continued his threatening attacks until other friendly aircraft arrived on the scene, and then safely returned to his carrier base. His indomitable fighting spirit, superb airmanship and courageous efforts in behalf of another reflect great credit upon Captain Wallace and the United States Naval Service.