I think it's an issue of duration match. If a bank takes in deposits and issues loans resulting in a fraction of its liabilities left in reserve, this becomes a problem when depositors are free to withdrawal prior to a comparable repayment of the loans. As such, a responsible fractional reserve bank would put appropriate time requirements on the deposits they take in (such as with CDs). Does this prevent all banks from being irresponsible? No. But, it seems to me that problem solves itself when the irresponsible banks fail, and there is no money printer to bail them out.