Born in Charlotte County, Virginia, Speed was taught by his father Captain James Speed. He moved with his parents to Kentucky in 1782. He was employed in the office of the clerk of the general court. He engaged in mercantile pursuits at Danville and Bardstown in 1790.
He also engaged in agricultural pursuits. He served as clerk of the Bullitt and Nelson circuit courts. He served as major of Volunteers in the War of 1812.