It still has water running from the spout and filling up the tank. Some people throw coins into it, an apparently conditioned reaction to any ornamental water feature, and every now and then some of the local clubs and societies come along and fish them out and donate them to good causes. In some of my impoverished periods I used to contemplate fishing them out myself, but the water is usually so disgustingly dirty that I couldn't face it.
St Michael, the dragon and the other Gothic curlicues are presumably Victorian flights of fancy, but the basic concept of a public source of water called a pant is evidently a very old one, as there are extant references to examples much earlier than those that have survived until now. What's more I don't recall anybody sniggering about it when I was young - I think the word was still too much in common usage to arouse any associations with underwear.
This suggestion was backed up by Adrian Ions, a well known Alnwick history buff, who found an entry in a 19th century dictionary of northern speech confirming that in this region 'a pant is a public fountain of a particular construction, having a reservoir before it for retaining the water' and that 'pond was anciently pronounced pand, which may be derived from the Saxon pyndon, to enclose or shut up'. Adrian should probably have got the bottle of wine but apparently my entry arrived earlier.
Should somebody be paying me royalties for the use of that piece of information? I need the money. If anybody would like to pay me to undertake any more historical research for them, just ask!
P.S. In case you are thinking that the boxes of produce beside the pant have been left there as the survival of some ancient ritual of offerings to the saint - sorry to disappoint you. The shop adjacent is a greengrocer's and regularly lets its displays overflow onto the pavement.