Time machine is, of course, a backup using an external HDD. So what I read you saying is you want to back up the time Machine backup? Or are you talking about some other files on an external HDD? If it's the latter, you may want a separate backup program like SuperDuper (see below) and back up directly between external hard drives using the OS X Disk Utility.
Alternate suggestion for internal drive backups. I have one external USB drive using Time Machine to do a backup of my internal hard drive and I have a second external USB drive using SuperDuper to also back up my internal drive. I run each of them every couple of days, that way I always have a backup for each of my backups...
So I'm using duplicate backups by using different backup programs - for protection in case one bombs
I think that is what you really want, but I may be wrong. I'm not sure how you would be able to actually back up your Time Machine backup.
BTW, SuperDuper is a great backup program and you can download it free for basic bootable backups. If you want to schedule it, you'd need to buy the full version for $27.95 at
http://shirtpocket.com/.
Noel