Remove crusts from bread,if desired and butter on one side. Place buttered side down in a 7x11-inch baking dish. Sprinkle with Cheddar cheese, then with Monterey Jack. Spread chilies evenly over cheese. Beat eggs, add milk and all seasonings, Pour evenly over cheese. Refrigerate 4 hours or overnight. Bake in 325^ oven for 50 minutes. Let stand 10 minutes before serving.