Here's an interesting read on the subject:
History: A Drafting and Ratification of the Bill of Rights in the Colonial Period
As heirs to the majestic constitutional history of England, the intellectual and political leaders of the new Colonies intended nothing less than to incorporate into their new government the laws and liberties of Englishmen, including the well-established right of the law-abiding citizen to keep and bear arms.
Yet, while engaged in bringing about one of the most radical political changes in the history of the Western world, the Founding Fathers remained conservative republicans who valued tradition and their English heritage ― the dynasties of the Angles, Saxons, Picts, and Jutes; 1066 and the Norman Conquest; the Magna Carta; the reigns of the Norman, Lancastrian, Plantagenet, Tudor, Stuart, and Hanoverian kings, the Civil Wars; the Restoration; the Glorious Revolution; and, most particularly, the Age of Enlightenment and the Whig philosophies that came to dominate English political thought during the hundred years preceding the American Revolution.
They revered English customs and law. Chief Justice Howard Taft observed that:
"[t]he Framers of our Constitution were born and brought up in the atmosphere of the common law, and thought and spoke its vocabulary. They were familiar with other forms of government, recent and ancient, and indicated in their discussions earnest study and consideration of many of them; but, when they came to put their conclusions into the form of fundamental law in a compact draft, they expressed themselves in terms of the common law, confident that they could be shortly and easily understood."
This analysis by Chief Justice Taft explains, in part, the confusion that has developed, especially in this century, over the interpretation of the language of the Second Amendment. The meaning of such words as "militia," "keep arms," "bear arms," "discipline," "well regulated," and "the people" was the meaning of these words as they were used in the English common law of the sixteenth through the eighteenth centuries ― not as they are used today. As Chief Justice Taft further commented:
"The language of the Constitution cannot be interpreted safely except by reference to the common law and to British institutions as they were when the instrument was framed and adopted."
Thomas Jefferson, by no means an imprecise thinker, was well aware of this consideration. In commenting upon how the Constitution should properly be read, he said:
"On every question of construction let us carry ourselves back to the time when the Constitution was adopted, recollect the spirit manifested in the debates, and instead of trying what meaning can be squeezed out of the text, or invented against it, conform to the probable one which was passed."
Yet despite this clear evidence, gun control and prohibition proponents attempt to squeeze out of the text of the Second Amendment the meaning that only a “collective” ― not an individual ― right is guaranteed by the amendment. They argue that the words of the amendment allegedly apply only to the group in our society that is "well regulated" and "keeps and bears arms," the National Guard. But they are wrong.
David I. Caplan, who has examined this issue in depth, provides this analysis:
"In colonial times the term ‘well regulated' meant ‘well functioning' ― for this was the meaning of those words at that time, as demonstrated by the following passage from the original 1789 charter of the University of North Carolina: ‘Whereas in all well regulated governments it is the indispensable duty of every Legislatures to consult the happiness of a rising generation…' Moreover the Oxford English Dictionary defines ‘regulated' among other things as ‘properly disciplined;' and it defines ‘discipline' among other things as ‘a trained condition.'"
Privately kept firearms and training with them apart from formal militia mustering thus was encompassed by the Second Amendment, in order to enable able-bodied citizens to be trained by being familiar in advance with the functioning of firearms. In that way, when organized the militia would be able to function well when the need arose to muster and be deployed for sudden military emergencies.
Therefore, even if the opening words of the Amendment, "A well regulated militia…" somehow would be interpreted as strictly limiting "the right of the people to keep…arms"; nevertheless, a properly functioning militia fundamentally presupposes that the individual citizen be allowed to keep, practice, and train himself in the use of firearms.
....
These self-proclaimed interpreters of the Constitution also ignore the Second Amendment's specific reference to "the right of the people." The fact that the "rights of the people" appears in the Fourth, Ninth, and Tenth Amendments as well--and that the courts have ruled repeatedly that these rights belong to individuals--matters little to them. They retreat to their standard charge that the Founding Fathers never intended for the people to have the right to keep and bear arms.
http://www.madisonbrigade.com/library_bor.htm
"The Bill of Rights does not grant rights to the people, such that its repeal would legitimately confer upon government the powers otherwise proscribed. The Bill of Rights is the list of the fundamental, inalienable rights, endowed in man by his Creator, that define what it means to be a free and independent people, the rights which must exist to ensure that government governs only with the consent of the people."
Jeff Snyder in his essay, "A Nation of Cowards," in Public Interest Quarterly/Fall 1993:
"No free man shall ever be debarred the use of arms." Thomas Jefferson
"Laws that forbid the carrying of arms. . . disarm only those who are neither inclined nor determined to commit crimes. . . Such laws make things worse for the assaulted and better for the assailants; they serve rather to encourage than to prevent homicides, for an unarmed man may be attacked with greater confidence than an armed man." Thomas Jefferson
"The said Constitution [shall] be never construed to authorize Congress to infringe the just liberty of the press, or the rights of conscience; or to prevent the people of the United States, who are peaceable citizens, from keeping their own arms." Samuel Adams
"A militia when properly formed are in fact the people themselves . . . and include all men capable of bearing arms. . . To preserve liberty it is essential that the whole body of people always possess arms... The mind that aims at a select militia, must be influenced by a truly anti-republican principle." “To preserve liberty, it is essential that of the people always possess arms and be taught alike, especially when young, how to use them.” Richard Henry Lee
"Who are the militia? Are they not ourselves? Congress have no power to disarm the militia. Their swords and every other terrible implement of the soldier, are the birthright of an American . . . . The unlimited power of the sword is not in the hands of either the federal or state governments, but, where I trust in God it will ever remain, in the hands of the people." Tench Coxe
"What, sir, is the use of militia? It is to prevent the establishment of a standing army, the bane of liberty. . . Whenever Government means to invade the rights and liberties of the people, they always attempt to destroy the militia, in order to raise a standing army upon its ruins." Elbridge Gerry