If you just want to remove the bookmarks toolbar (and not the folder from within bookmarks) just right click on a grey area near the location bar and untick 'Bookmarks Toolbar'
Not sure if it's possible to delete the folder itself.
Well I just don't want the bookmark toolbar entry in my bookmarks menu as I never use it. Plus it will save me 0.1 seconds of time when I bring my cursor down as I use the bookmarks menu about 1000 times a day.