Wait!
Mills with 40 tapers or R8 tapers usually require a little tap to budge the tool holder or collet free. But a Morris taper is a locking taper and can require a much larger tap. Hence Tinker's suggestion to look for a drift slot. I'd look for that slot and make some kind of drift key.
Some horizontal mills I've seen were built like a lathe with tapered spindle bearings or babit and bronze bearings and thrust washers. These will withstand a pretty stout whomp.
A lot of mills, however, use smaller, opposed radial ball bearings near the nose that run smooth, accurate, cool and quiet at the higher speeds that mills turn. This type of arrangement withstands high radial loads (as seen when milling), but can brindle the bearings if subjected to a strong axial whomp. Or you can lose your preload.
Take it easy whopping on that spindle. If you do find it necessary, find a way to support the spindle with something clamped down to your table to prevent the bearings from absorbing too much of the impact.
If the ass end of the spindle in internally threaded for a collet closer, you may be able to thread something into it from the back of the spindle to press on and uncork the collet.