Bilingual language settings? I would like my phone to recognize English and French words.

Also I'd like the swype typing to work this way.

What is the simplest way to accomplish this?

I have a moto G, android 5.1
It sounds like you're trying to change the keyboard settings. Not all keyboard apps can handle multiple languages. On some, you have to install the language(s) you want from the keyboard's settings menu, and then switch the language through the menu (the one you already mentioned) or through a swipe gesture on the keyboard (such as swiping the space bar left or right).

Some keyboard apps can work out what language you're typing in on-the-fly, without you having to say explicitly. SwiftKey is an example of a keyboard that works this way: just enable all the languages you want through its settings, and it will detect what language you're typing as soon as you've written a couple of words.