The faces symbol, a bundle of elm or birch rods are bound together by straps with the blade of an axe protruding from the bundle, symbolizes

It symbolizes power, strength, authority, and similar things regarding power and its usage in political purposes. The name fascism comes from it because it's ruling through strength and authority. It was commonly used in ancient Rome but when it was used in the city of Rome the axe was removed, unless the ruler was a dictator who wanted to show it publicly.