Cream butter and cheese; add flour, salt, red pepper and paprika, mixing well.
Chill. Shape dough into 4 rolls, 1 inch in diameter; wrap each roll in foil.
Refrigerate 24 hours.
Slice rolls ¼ inch thick and place on ungreased baking sheets.
Bake at 350 degrees for 15 minutes; cool.
Sift a small amount of powdered sugar over wafers before removing from baking sheet, if desired.
NOTE: Dough may be shaped into rolls and frozen. Cheese Wafers also freeze well after baking.