He simply means that Marcellus should take down any bunting, streamers, or any other decorations that have been put up in honor of Caesar. Flavius and Marcellus are aristocratic opponents of Caesar, and they think it's a damned insolence for the plebs to take the day off work and welcome...
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Caesar home in the exact same way that they did with his bitter rival Pompey. To them, this shows the fickleness of the mob, and further shows why fellow aristocrats such as Caesar should never pander to the common people.
As far as Flavius and Marcellus are concerned, Caesar has already gotten too big for his boots. And the sight of all those decorations welcoming him home, all that adulation from the masses, will make him feel invincible. He's already made himself dictator; surely, it's just a matter of time before he goes one step further and declares himself king, thus bringing about the end of the Roman Republic.
This quote is from the first scene of Act One. In it, Flavius and Marullus are expressing their disdain for the commoners who fill the streets of Rome to celebrate Caesar's victory over Pompey. These two men not only sympathize with Pompey, but fear the influence of the mob that so vocally supports Caesar. Even though it is also the feast of Lupercal, a festival in which the city's statues and monuments were regularly bedecked with decorations and flowers, Flavius says that Marullus should remove the "festivities" because Caesar's victory over Pompey is nothing to celebrate. When Marullus voices some reservations about removing the decorations from the statues on Lupercal, Flavius tells him not to let any statues "be hung with Caesar's trophies" and to drive the Roman commoners from the streets, breaking up the public celebrations of Caesar's success.