"Not the Gandalf who was responsible for so many quiet lads and lasses going off into the Blue for mad adventures? [...] Bless me, life used to be quite inter—I mean, you used to upset things badly in these parts once upon a time." (Chapter 1).
Before he interrupted himself, the hobbit was going to say that life used to be quite interesting when Gandalf interfered with the quiet goings-on of the Shire. Bilbo, however, does not in any way, shape, or form, wish to indicate to Gandalf, a rather unknown and mysterious wizard, that he might be dissatisfied with his calm, pleasant life, so he quickly corrects himself. Based on his previous understanding of the wizard, Bilbo can safely assume that his unexpected presence in the Shire might bring about change.
Hobbits, for the most part, enjoy the predictable and safe sphere offered by their hobbit holes, and the steadfastness of Bilbo's 'Baggins' side really prefers the quiet life over any adventures that Gandalf might provide; Bilbo's 'Took side,' however, is much more predisposed toward excitement and adventures, and it is that small part of him that yearns to see elves or sailing ships that Gandalf ultimately convinces to join Thorin's company.