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This article is from the Conservatism FAQ, by Jim Kalb kalb@aya.yale.edu with numerous contributions by others.

What about freedom?

Conservatives are strong supporters of social institutions that
realize and protect freedom, but recognize that such institutions
attain their full value as part of a larger whole. Freedom is fully
realized only when we are held responsible for the choices we make,
and it is most valuable in a setting in which things can readily be
chosen that add up to a good life. Accordingly, conservatives reject
perspectives that view freedom as an absolute, and recognize that the
institutions through which freedom is realized must include
principles of responsibility and must respect other goods without
which freedom would not be worth having.

In addition, conservatives believe there is a close connection
between freedom and participation in public affairs. Since how we
live affects others, freedom includes taking part in making society
what it is. Accordingly, the conservative principles of federalism,
local rule, and private property help realize freedom by devolving
power into many hands and making widespread participation in running
society a reality. Respect for tradition, the "democracy of the
dead," has the same effect.