Abstract: A mortiser has a housing mounted on a support post and there is a collet on the housing for holding a mortise chisel. A chisel drive coupling is on the housing. A chisel drive shaft extends through the housing and connects with the chisel drive coupling. A reciprocal engagement mechanism is capable of selectively engaging the chisel drive coupling. An operating lever may thus be quickly indexed so that the mortise chisel may be filly lowered without the user pulling the operating lever fully toward him/her and downward. The mortiser also has a finely adjustable ram fence and a depth stop. The collet has a notched or elliptical bore to prevent jamming of the chisel shank in the collet.