Actually that was the original concept, by the Quakers, of which the word penitentiary comes from. The Quakers would take someone; throw them into solitary with a copy of the bible, so that they could have some time to contemplate the errors of their ways, and to become repentant.
I also see very little use in paying big money to incarcerate people after recompense is made. I'd like to see some punishment which costs less but is real punishment.
For instance, when the high and mighty do lowly things, they should be made to pay by doing more lowly but honorable things. Like wearing a sandwich board describing their crimes while sweeping the floor or cleaning toilets.
Seeing an person like Ivan Boesky with a broom and a sandwich board saying "I wanted to clean up on Wall Street, and now I'm getting my wish" as he sweeps the street in front of the Stock Exchange everyday for a few years would satisfy me and humiliate him at the same time. Just my ramblings.......