Hello from Spain:

– In my humble opinion based on Edgar Allan Poe´s short story “the gold bug”,  first we must look for the signature where habitually someone puts the signature as the caracther of William Legrand did whith the note of captain Kidd.

– Look the last word of the last line of the 2nd note:

“XORLX” a letter repeats itself; and remember “Mccormick”, a letter repeats itself too.

If “X”= variations of the letter “C” (like this MC, C and CK) something usually in Shorthand systems.
if “O”=”O”

if “R”=”R”
if “L”=M, he uses the code Cesar b or +1

if we add the vowel (i) as transcript shorthand solution.

Then “XORLX” is possibly “MCCORM(i)CK”.

+ If we apply this knowledge to the last line of the second note this it must mean:
“O-W-m-4 H8L XORLX” is “OWN-for I AM Mccormick”.

“O-W”= OW
“-m” = N, he uses the code cesar +1
-4= four= for (phonetic solution) and the hyphen join the letters and words.
“H”= I, he uses the code cesar +1.
8= eit (phonetic)= ei (phonetic a)= A.
“L”= M, he uses the code cesar +1.

… and the hyphen join the letters in a word.
etc… the 2nd note seems a testament or last will.

If we apply this knowledge to the last line of the 1st note this it must mean:

“(i 94 WLD´S n CBE)….(TRFXL)” is possibly  means ( i 1994 would is and had been……terrifying came):

+ “i”= i.
+ 94= date 1994.
+ “WLD´S”= would is (shorthand)
+“n”= and (shorthand).
+ C=D, he uses the code cesar +1,by shorthand and verb contraction can be WOULD, HAD and DO ( verb to do).
+ “BE”= B(e)E= been (phonetic solution)
+ “TRF”= Terrify or terrifying (shorthand).
+“XL”= Come or Came, look the Codename “XORLX” explanation.etc.

– The 1st note seems as he remember his life because from August 1993 until July 1994 he was in prison and this was terrifying for him.

Finally, you can accept that the group of letters “WLD” means “would” and the letter “D” has different form: Not “D” in “O-W-m-4″ or “XORLX”…the outine is incomplete or stand out in the low part, see “D” in 4 line, 4 letter, of 2nd note or 6 line,
5 letter, of 1st note.

The 2 notes must be encrypted and shorted

– This is a STENOGRAPHIC problem with come measures of deception (code Caesar B, signs, space between words …)

Now no one reads the works of Poe?.

Bye from Spain.