We really are confused in our discourse about the meaning of those two words "liberal" and "conservative." Another good example, besides the hijacking of the latter word by a radical movement that is about as conservative as Chariman Mao, is the idea that "classical liberals" held the same views as "movement conservatives" today.
Yes, classical liberals did indeed favor small, limited government. They also believed in economic equality, distrusted rich people, loathed capitalists and corporations, and were extremely wary of a strong, standing military. If you're going to call someone who is around today a "classical liberal," that person should share ALL of these positions, not just roughly half of one of them.
The truth is that modern liberals share almost all of these attitudes. While they don't share one hundred percent of them, and therefore shouldn't be called "classical liberals," to call them "liberals" is perfectly sound, as it recognizes that they and men like Locke, Smith, and Jefferson are almost entirely in agreement.
Conservatives -- real or "movement" -- come nowhere within shooting range of being classical liberals.