At what point should I intervene, as pack alpha?

We have three mixed breed dogs (two males, one female) all fixed. The newest addition is a 12 week old Shar-Pei mix male puppy. He and the older male dog have lately started squabbling over toys. The bigger dog has been taking away toys from the puppy, showing his dominance, but lately, the puppy has started barking and trying to get the toys back! There is a lot of growling, barking and dominance posturing from both of them. Nobody has been bitten or gotten injured, but the house has gotten very noisy lately! When I've had enough, I've stepped in and taken the toys away and that quiets them down for awhile, until they find another toy to squbble over. The female dog is pretty much aside from this conflict. Both dogs recognize her dominance. Likewise, none of the dogs have shown any dominance behavior or aggression toward people. When I finally step in, tails and ears go down! I know dogs need to figure out their own pecking order. Should I let this play itself out?