First, take the dog to the vet and see what's going on inside. He/She's going to want to know what kind of toy, what was the toy made of and how long ago did she swallow it? The vet will probably want to do some xrays, so the initial visit won't be cheap.
Once you have more information, then worry about making a decision.
>So my dog of almost 2 years swallowed a toy the other day. It hasn't passed and we are worried that it won't. She's starting to have blood in her movements so we're afraid that it won't pass without surgery. At that point we need to decide how much our dog is worth to us, especially with a baby coming. Has anybody had to go through this? How did you handle it? Am I morally obligated to spend what it takes to get my dog healthy again, even if I could more responsibly spend that money on my child's future? FYI: my dog is more like a friend to me than a pet, so I'm not taking this decision lightly. If it's a question of hundreds of dollars, then it's a no brainer to me. If it's thousands then I will have to put more thought into it.
"You don't manage people. You manage things - people you lead" Adm. Grace Hopper
Pflugerville, between a Rock and a Weird Place