I'm not sure which is correct, but there's a different transcription in the book accompanying The Carter Family: In the Shadow of Clinch Mountain (Bear Family's 12-CD set) is:

2. Jesus saw me when a stranger
Wandering from the fold of God
He to rescue me from all danger
And transported by His blood.

3. From that fount of every blessing
You know how to sing God's praise
Streams of mercy never ceasing
Calls for songs of loudest praise.

However, according to Jerry Dallal (Click here),

v1 [Susan's 2]: Jesus sought NOT Jesus saw
v2 [Susan's 3]: you now are NOT you know how

~Masato