If you're not wildly paranoid or impatient, the easiest way would be to do what QCassidy352 said and write zeros to the drive. Preferably then also reinstall the OS that came with it from the original CDs.
If you're really paranoid, you could do this:
1) Reformat the drive, then write a big heap of uninteresting data to fill it up (dozens of copies of some large, boring video file, for example). Then delete those, and repeat the process a couple more times. If you're a spy and the FBI wants your password they might still be able to find it, but no normal user is getting anything back at that point.
2) Alternately, you could get access to the drive from Panther (either running on a 2nd drive on the G4, or mount the drive in a Firewire case on your G5 running Panther), then throw all of its contents into the trash and do a "secure empty trash". Should take quite a while, but it'll have the same effect.
Then reformat, reinstall the OS that came with it, and you're clear.