"well regulated" at the time, and in this context meant 'well functioning'-
http://armsandthelaw.com/archives/WellRegulatedinold%20literature.pdfIn Item 1, Anne Newport Royall commented in 1822 that Huntsville, Alabama was becoming quite civilized and prosperous, with a “fine fire engine” and a “well regulated company”. I suppose one could make the case that the firefighters were especially subject to rules and laws, but the passage is more coherent if read, “They have a very fine fire engine, and a properly operating company.”
William Thackary’s 1848 novel (item 4) uses the term “well-regulated person”. The story is that of Major Dobbin, who had been remiss in visiting his family. Thackary’s comment is to the effect that any well-regulated person would blame the major for this. Clearly, in this context, well-regulated has nothing to do with government rules and laws. It can only be interpreted as “properly operating” or “ideal state”.
In 1861, author George Curtis (item 5), has one of his characters, apparently a moneyhungry person, praising his son for being sensible, and carefully considering money in making his marriage plans. He states that “every well-regulated person considers the matter from a pecuniary point of view.” Again, this cannot logically be interpreted as a person especially subject to government control. It can only be read as “properly operating”.
Edmund Yates certainly has to be accepted as an articulate and educated writer, quite capable of properly expressing his meaning. In 1884 (item 6), he references a person who was apparently not “strictly well-regulated”. The context makes any reading other that “properly operating” or “in his ideal state” impossible.
Secondly, let's look at the preamble to the Bill of Rights-
The Conventions of a number of the States having at the time of their adopting the Constitution, expressed a desire, in order to prevent misconstruction or abuse of its powers, that further declaratory and restrictive clauses should be added: And as extending the ground of public confidence in the Government, will best insure the beneficent ends of its institution.
The Bill of Rights was intended as a 'the government shall not' document- "to prevent misconstruction or abuse of its powers"- not a 'the people can' document. Abuse of whose powers? Restrictive against whom? Rights aren't limited by the bill of rights; rather the scope of protections of certain rights are set. If the Bill of Rights were a listing of all a person's rights, there would be no need for the ninth and tenth amendments ("The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people." and "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." respectively.)
And finally, let's look at the second amendment itself-
A well regulated militia being necessary to the security of a free State, the right of the People to keep and bear arms shall not be infringed.
Who does the right belong to? The militia? No, the people. See US v. Verdugo-Urquirdez for the salient definition of 'the people'.
You should read cases such as US v Cruikshank ("This right is not a right granted by the Constitution . . . neither is it in any manner dependent upon that instrument for its existence.") or Presser v Illinois ("the States cannot, even laying the constitutional provision in question out of view, prohibit the people from keeping and bearing arms, as so to deprive the United States of their rightful resource for maintaining the public security and disable the people from performing their duty to the general government.")
Both the Heller and McDonald decision shed more light on the subject.