Index: wp-admin/includes/meta-boxes.php
===================================================================
--- wp-admin/includes/meta-boxes.php	(revision 37285)
+++ wp-admin/includes/meta-boxes.php	(working copy)
@@ -156,8 +156,10 @@
 <?php if ( $post_type == 'post' && current_user_can( 'edit_others_posts' ) ) : ?>
 <span id="sticky-span"><input id="sticky" name="sticky" type="checkbox" value="sticky" <?php checked( is_sticky( $post->ID ) ); ?> /> <label for="sticky" class="selectit"><?php _e( 'Stick this post to the front page' ); ?></label><br /></span>
 <?php endif; ?>
+<?php if ( 'password' === $visibility || apply_filters( 'allow_password_protected_posts', true ) ) : ?>
 <input type="radio" name="visibility" id="visibility-radio-password" value="password" <?php checked( $visibility, 'password' ); ?> /> <label for="visibility-radio-password" class="selectit"><?php _e('Password protected'); ?></label><br />
 <span id="password-span"><label for="post_password"><?php _e('Password:'); ?></label> <input type="text" name="post_password" id="post_password" value="<?php echo esc_attr($post->post_password); ?>"  maxlength="20" /><br /></span>
+<?php endif; ?>
 <input type="radio" name="visibility" id="visibility-radio-private" value="private" <?php checked( $visibility, 'private' ); ?> /> <label for="visibility-radio-private" class="selectit"><?php _e('Private'); ?></label><br />
 
 <p>