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1.
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Place the dried morels in a medium-sized bowl and pour the water over them.
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Let sit for 1 hour, then lift the mushrooms from the soaking water, and strain the water if necessary through several thicknesses of cheesecloth.
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Reserve the soaking liquid.
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2.
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Place the morels and the button mushrooms in a medium-sized, heavy bottomed saute pan, pour the wine over them and place over medium-high heat.
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Cook the mushrooms in the wine, which should remain at a vigorous boil, stirring from time to time so they cook evenly, until all but about 1 tablespoon of the wine has evaporated, and the mushrooms are still moist, not dry which will take 8 to 10 minutes.
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Lower the heat to medium, add the butter to the mushrooms and stir until it has melted, then sprinkle the flour over the mushrooms and stir constantly for about two minutes, so the flour is completely mixed into the mushrooms.
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Add the mushroom cooking liquid and stir until it is thoroughly blended with the ingredients in the pan and has begun to thicken, about 4 minutes.
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Stir in the creme fraiche and cook until it is thickened and completely incorporated into the ingredients and the mushrooms are tender though not completely limp, 4 to 5 minutes.
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Taste for seasoning.
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3.
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While the mushrooms are cooking, toast the bread lightly on each side, and place two pieces on each of four plates.
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Pour equal amounts of mushrooms and sauce over the bread.
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Garnish the plates with the chervil, and serve immediately.
