Two U.S. Supreme Court cases after the 14 th Amendment ruled that the Second Amendment restricts the federal govt. only (Cruikshank in 1875 and Presser in 1886).
Cruikshank also said bearing arms is not a right granted by the Second Amentdment and that the right does not depend on the Second Amendment for its existance.
This is because the rights enumerated in the Bill of Rights are pre-existing, inalienable rights ... the right to free speech isn't granted by the First Amendment, either - it's protected by it.
But then again, it also said the exact same thing about the first amendment right of assembly.
The late 19th century courts pulled a fast one, and the 20th century courts got cute in getting around it. The 19th Century courts basically through out the 14th amendment, on the basis that the rights mentioned in the Bill of Rights were not created by it nor dependent upon it for their existance. Then in the 20th Century the jurists took it upon themselves to decide which rights were "incorporated" not as privelidges or immunities, but under the due process clause of the 14th amendment, thus setting themsleves up as the arbitrator of which rights were to favored by "incorporation". Needless to say they weren't overly fond of the right to keep and bear arms.
The opinion addresses that, by lumping Cruikshank in as a "pre-incorporation" ruling. I.E. the basis for the ruling was overturned by later SC rulings, although the specific ruling was never readdressed.