This referes to a quote from Charles Dickens' "A Christmas Carol". Witnessing himself at a party as a young man, Scrooge is lamenting to the Ghost of Christmas Past that he didn't allow himself to be young and playful and how he might have won the young lady being described if he had not been so guraded and reserved. He should have granted himself licence (allowed himself) to be young. The lightest licence of a child, rather than the heavy heart and restraint of a bitter old man.
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The lightest license for a child typically refers to a form of identification that allows a child to participate in certain activities that require proof of age, such as riding amusement park rides. This type of license is often provided by the establishment as a temporary permit for young children who do not have official identification like a driver's license.